Answered: hat is Harrison’s capital loss…

Business

Accounting

hat is Harrison’s capital loss carryforward into 2020?

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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In 2021, PacMan Inc. had a net operating profit after-taxes of P20,000,000 and an effective tax rate of 20%. Its earnings before interest, taxes, depreciation and amortization was P45,500,000 and net income of P12,200,000. During 2022, PacMan Inc. made P14,500,000 capital expenditures net of depreciation. Determine the total depreciation and amortization expense of Bulldogs Inc.
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. Corporation 2016 A $ 4,450 5,050 7,860 (55,490) B C D Corporation A B C D 2016 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. $ $ 5,050 $ 7,860 $ Capital gain or loss for year indicated 2017 2018 2020 2019 $ 5,960 $ 3,600 6,950 (28,000) 2,070 (31,470) 13,600 11,050 0 $ 9, 150 3,740 13,750 7,150 X $ $ 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 $ $ 2020 $ 3,600 $ $ 0 $ 2021 $ 0 $ $ $ $ 0 $ 0 $ $ (1,560) 2,090 12,350 2,710 2021 $ capital losses 2022 5,050X 7,860X
EB Corporation, a C corporation, has a net short-term capital gain Of $ 65k and a net long-term capital loss of $250k during 2023. EB Corporation had taxable income from other sources of $720k Prior years' transactions included the following: 2019 2020 2021 2022 NET LTCG: $150K NET STCG: 560K NET STCG: $45K NET LTCG: $35K Compute the treatment of EB's capital gain or loss if any
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In 2019, Bluebird Corporation had net income from operations of $100,000. Further, Bluebird recognized a long-term capital gain of $30,000 and a short-term capital loss of $45,000. Which of the following statements is correct? Question 22 options: Bluebird will have taxable income in 2019 of $100,000 and will have a net capital loss of $15,000 that can be carried back 3 years and forward 5 years. Blue Corporation may use the capital loss to offset the capital gain and must carry the net capital loss of $15,000 forward five years as a short-term capital loss. Bluebird Corporation may deduct $33,000 of the capital loss in 2019 and may carry forward the remainder of the loss indefinitely to offset capital gains Bluebird Corporation will have taxable income in 2019 of $85,000. None of the above.
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