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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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During 2020, Gorilla Corporation, a calendar year C corporation, has net short- term
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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