To better understand the rules for offsetting capital losses and how to treat capital losses carried forward, analyze the following data for an unmarried individual for the period 2016 through 2019. No capital loss carryforwards are included in the figures. Requirement For each year, determine AGI and the capital losses to be carried forward to a later tax year. (If a box is not used in the table leave the box empty; do not enter a zero. Enter loss amounts as a positive number.) 2016 AGI (excluding property transactions) $40,000 STCG 4,000 STCL 9,000 LTCG 6,000 LTCL 5,000 AGI (including property transactions) STCL to be carried forward LTCL to be carried forward 2017 $50,000 5,000 3,000 10,000 21,000 2018 $60,000 7,000 5,000 2,200 1,000 2019 $70,000 10,000 12,000 6,000 9,500
To better understand the rules for offsetting capital losses and how to treat capital losses carried forward, analyze the following data for an unmarried individual for the period 2016 through 2019. No capital loss carryforwards are included in the figures. Requirement For each year, determine AGI and the capital losses to be carried forward to a later tax year. (If a box is not used in the table leave the box empty; do not enter a zero. Enter loss amounts as a positive number.) 2016 AGI (excluding property transactions) $40,000 STCG 4,000 STCL 9,000 LTCG 6,000 LTCL 5,000 AGI (including property transactions) STCL to be carried forward LTCL to be carried forward 2017 $50,000 5,000 3,000 10,000 21,000 2018 $60,000 7,000 5,000 2,200 1,000 2019 $70,000 10,000 12,000 6,000 9,500
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
To better understand the rules for offsetting capital losses and how to treat capital losses carried forward, analyze the following data for an unmarried individual for the period 2016 through 2019.
No capital loss carryforwards are included in the figures.
Requirement
For each year, determine AGI and the capital losses to be carried forward to a later tax year. (If a box is not used in the table leave the box empty; do not enter a zero. Enter loss amounts as a positive number.)
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2016
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AGI (excluding property
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transactions)
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$40,000
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STCG
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4,000
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STCL
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9,000
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LTCG
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6,000
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LTCL
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5,000
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AGI (including property
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transactions)
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STCL to be carried forward
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LTCL to be carried forward
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2017
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$50,000
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5,000
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3,000
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10,000
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21,000
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2018
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$60,000
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7,000
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5,000
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2,200
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1,000
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2019
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$70,000
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10,000
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12,000
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6,000
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9,500
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