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For each of the following cases, determine the amount of capital gain or loss to report in each year (after taking into account any applicable carrybacks) and the capital loss carryforward to 2022, if any.

For each of the following cases, determine the amount of capital gain or loss to report in each year (after taking into account any applicable carrybacks) and the capital loss carryforward to 2022, if any.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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For each of the following cases, determine the amount of capital gain or loss to report in each year (after taking into account any applicable carrybacks) and the capital loss carryforward to 2022, if any. Capital gain or loss for year indicated Corporation 2016 2017 2018 2019 2020 A $ 4,450 $ 9,150 $ 5,960 $ 3,600 5,050 6,950 (28,000) 3,740 7,860 13,750 7,150 2,070 (31,470) 11,050 13,600 B C D Corporation (55,490) A B C D Assume that 2016 is the first year of operation for each corporation. Note: Do not leave cells blank, enter "0" if there is no effect. 2016 $ $ 5,050 $ 7,860 $ X $ 0 $ 2017 $ 9,150 $ $ > Answer is complete but not entirely correct. Carried forward Reported capital gains (11,950) 3,570 (3,160) 3,280 2018 C $ $ $ 2019 $ 0 $ 0 $ 5,960 0 EA 2020 $ 3,600 $ $ $ $ 0 $ 2021 $ 0 $ $ $ $ 0 $ $ $ LA (1,560) 2,090 12,350 2,710 2021 $ capital losses 2022 5,050X 7,860X
Transcribed Image Text:For each of the following cases, determine the amount of capital gain or loss to report in each year (after taking into account any applicable carrybacks) and the capital loss carryforward to 2022, if any. Capital gain or loss for year indicated Corporation 2016 2017 2018 2019 2020 A $ 4,450 $ 9,150 $ 5,960 $ 3,600 5,050 6,950 (28,000) 3,740 7,860 13,750 7,150 2,070 (31,470) 11,050 13,600 B C D Corporation (55,490) A B C D Assume that 2016 is the first year of operation for each corporation. Note: Do not leave cells blank, enter "0" if there is no effect. 2016 $ $ 5,050 $ 7,860 $ X $ 0 $ 2017 $ 9,150 $ $ > Answer is complete but not entirely correct. Carried forward Reported capital gains (11,950) 3,570 (3,160) 3,280 2018 C $ $ $ 2019 $ 0 $ 0 $ 5,960 0 EA 2020 $ 3,600 $ $ $ $ 0 $ 2021 $ 0 $ $ $ $ 0 $ $ $ LA (1,560) 2,090 12,350 2,710 2021 $ capital losses 2022 5,050X 7,860X
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