South-western Federal Taxation 2018: Individual Income Taxes
41st Edition
ISBN: 9781337385886
Author: William H. Hoffman, James C. Young, William A. Raabe, David M. Maloney, Annette Nellen
Publisher: Cengage Learning
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Chapter 16, Problem 49P
To determine
Determine the person G taxable income for 2019.
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Gray, Inc., a C corporation, has taxable income from operations of $1,452,000 for 2022. It also has a net long-term capital loss of $355,000 from the sale of a subsidiary's stock. The year 2022 is the first year in the last 10 years that Gray has not had at least $500,000 per year of net long-term capital gains.
What is Gray's 2022 taxable income? What, if anything, can it do with any unused capital losses?
If an amount is zero, enter "0".
Because Gray may deduct $fill in the blank 1 of the capital losses this year, its taxable income is $fill in the blank 2.
Any unused loss may be carried back for
choose answer: (three - five -seven)
years, then carried forward for
choose answer: (five- three -seven)
years as a
choose answer: (short-term capital loss- long-term capital loss)
against Gray's
capital gainsordinary taxable income
.
Gray, Inc., a C corporation, has taxable income from operations of $1,004,000 for 2022. It also has a net long-term capital loss of
$251,000 from the sale of a subsidiary's stock. The year 2022 is the first year in the last 10 years that Gray has not had at least
$401,600 per year of net long-term capital gains.
What is Gray's 2022 taxable income? What, if anything, can it do with any unused capital losses?
If an amount is zero, enter "0".
Because Gray may deduct $
0 ✓ of the capital losses this year, its taxable income is $
Any unused loss may be carried back for three ✔years, then carried forward for five
short-term capital loss ✔against Gray's capital gains ✓.
years as a
X.
Goose Corporation, a C corporation, incurs a net capital loss of $23,900 for 2021. It also has ordinary income of $19,120 in 2021. Goose had net capital gains of $4,780 in 2017 and $9,560 in 2020.
If an amount is zero, enter "0".
a. Determine the amount, if any, of the net capital loss of $23,900 that is deductible in 2021.$fill in the blank 1 _______ ?
b. Determine the amount, if any, of the net capital loss of $23,900 that is carried forward to 2022.$fill in the blank 1 ______?
Chapter 16 Solutions
South-western Federal Taxation 2018: Individual Income Taxes
Ch. 16 - Prob. 1DQCh. 16 - An individual taxpayer sells some used assets at a...Ch. 16 - Alison owns a painting that she received as a gift...Ch. 16 - Prob. 4DQCh. 16 - Prob. 5DQCh. 16 - Prob. 6DQCh. 16 - Prob. 7DQCh. 16 - Prob. 8DQCh. 16 - After netting all of her short-term and long-term...Ch. 16 - Prob. 10DQ
Ch. 16 - Prob. 11DQCh. 16 - Prob. 12CECh. 16 - Prob. 13CECh. 16 - Prob. 14CECh. 16 - Prob. 15CECh. 16 - Prob. 16CECh. 16 - Prob. 17CECh. 16 - Prob. 18CECh. 16 - Prob. 19PCh. 16 - Prob. 20PCh. 16 - Prob. 21PCh. 16 - George is the owner of numerous classic...Ch. 16 - Prob. 23PCh. 16 - Prob. 24PCh. 16 - Prob. 25PCh. 16 - Prob. 26PCh. 16 - Prob. 27PCh. 16 - Prob. 28PCh. 16 - Prob. 29PCh. 16 - Prob. 30PCh. 16 - Prob. 31PCh. 16 - Prob. 32PCh. 16 - Prob. 33PCh. 16 - Prob. 34PCh. 16 - Prob. 35PCh. 16 - Prob. 36PCh. 16 - Prob. 37PCh. 16 - Prob. 38PCh. 16 - Prob. 39PCh. 16 - Prob. 40PCh. 16 - Prob. 41PCh. 16 - Prob. 42PCh. 16 - Prob. 43PCh. 16 - Prob. 44PCh. 16 - Prob. 45PCh. 16 - Prob. 46PCh. 16 - Prob. 47PCh. 16 - Prob. 48PCh. 16 - Prob. 49PCh. 16 - Harriet, who is single, is the owner of a sole...Ch. 16 - Prob. 51CPCh. 16 - Prob. 1RPCh. 16 - Prob. 2RPCh. 16 - Prob. 3RPCh. 16 - Prob. 4RPCh. 16 - Prob. 1CPACh. 16 - Conner purchased 300 shares of Zinco stock for...Ch. 16 - Brad and Angie are married and file a joint...
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