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During 2020, Gorilla Corporation, a calendar year C corporation, has net short- term capital gains of $15,000, net long-term capital losses of $105,000, and taxable income from other sources of $460,000. Prior years’ transactions included the following: 2016 net short-term capital gains $40,000 2017 net long-term capital gains 18,000 2018 net short-term capital gains 25,000 2019 net long-term capital gains 20,000 b. Determine the amount of the 2020 capital loss that is carried back to each of the previous  years. c.Compute the amount of capital loss carryforward, if any, and indicate the years to which the loss may be carried.

During 2020, Gorilla Corporation, a calendar year C corporation, has net short- term capital gains of $15,000, net long-term capital losses of $105,000, and taxable income from other sources of $460,000. Prior years’ transactions included the following: 2016 net short-term capital gains $40,000 2017 net long-term capital gains 18,000 2018 net short-term capital gains 25,000 2019 net long-term capital gains 20,000 b. Determine the amount of the 2020 capital loss that is carried back to each of the previous  years. c.Compute the amount of capital loss carryforward, if any, and indicate the years to which the loss may be carried.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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During 2020, Gorilla Corporation, a calendar year C corporation, has net short- term capital gains of $15,000, net long-term capital losses of $105,000, and taxable income from other sources of $460,000. Prior years’ transactions included the following:

2016 net short-term capital gains $40,000

2017 net long-term capital gains 18,000

2018 net short-term capital gains 25,000

2019 net long-term capital gains 20,000

b. Determine the amount of the 2020 capital loss that is carried back to each of the previous  years.

c.Compute the amount of capital loss carryforward, if any, and indicate the years to which the loss may be carried.

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