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
expand_more
expand_more
format_list_bulleted
Videos
Textbook Question
Chapter 20, Problem 42P
LO.3, 8 Robin had the following capital transactions in 2018:
Robin also had a net long-term capital loss in 2017 of $2,000, which it could not use, and ordinary income of $13,000. What are the tax consequences in 2018 if:
- a. Robin is an individual.
- b. Robin is a C corporation.
- c. Robin is an S corporation.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Robin had the following capital transactions in 2018:
LTCG $10,000
LTCL 8,000
STCG 2,000
STCL - 0 -
Robin also had a net long-term capital loss in 2017 of $2,000, which it could not use, and ordinary income of $13,000. What are the tax consequences in 2018 if:
Robin is an individual.
Robin is a C corporation.
Robin is an S corporation.
During 2021, 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:
2017 net short-term capital gains
$40,000
2018 net long-term capital gains
18,000
2019 net short-term capital gains
25,000
2020 net long-term capital gains
20,000
thitam
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 20 Solutions
South-western Federal Taxation 2018: Individual Income Taxes
Ch. 20 - Prob. 1DQCh. 20 - LO.1 Sylvia and Trang want to enter into business...Ch. 20 - Prob. 3DQCh. 20 - Prob. 4DQCh. 20 - Prob. 5DQCh. 20 - Prob. 6DQCh. 20 - LO.3, 4, 5 Contrast the income taxation of...Ch. 20 - LO.3, 8, 9 The taxpayer has generated excess...Ch. 20 - Prob. 9DQCh. 20 - Prob. 10DQ
Ch. 20 - Prob. 11DQCh. 20 - Prob. 12DQCh. 20 - Prob. 13DQCh. 20 - Prob. 14DQCh. 20 - Prob. 15DQCh. 20 - Prob. 16DQCh. 20 - Prob. 17DQCh. 20 - Prob. 18DQCh. 20 - Prob. 19DQCh. 20 - Prob. 20DQCh. 20 - Prob. 21DQCh. 20 - Prob. 22DQCh. 20 - Prob. 23DQCh. 20 - Blaine, Cassie, and Kirstin are equal partners in...Ch. 20 - Prob. 25DQCh. 20 - LO.3 Green Corporation, a calendar year taxpayer,...Ch. 20 - Prob. 27CECh. 20 - Banana Corporation is a May 31 fiscal year...Ch. 20 - LO.4 Gold and Silver are two unrelated calendar...Ch. 20 - Maroon Corporation is a calendar year taxpayer....Ch. 20 - Prob. 32CECh. 20 - Prob. 33CECh. 20 - Prob. 34CECh. 20 - Drab Corporation, a calendar year S corporation,...Ch. 20 - Kim is a 40% shareholder in Taupe Corporation, a...Ch. 20 - Prob. 37CECh. 20 - LO.3, 4, 5 Using the legend provided below,...Ch. 20 - LO.3 Garnet has the following capital asset...Ch. 20 - LO.3, 8 Citron, a calendar year taxpayer, began...Ch. 20 - LO.3 Taupe, a calendar year taxpayer, has a...Ch. 20 - LO.3, 8 Robin had the following capital...Ch. 20 - Prob. 43PCh. 20 - Prob. 44PCh. 20 - Prob. 45PCh. 20 - Prob. 46PCh. 20 - Prob. 47PCh. 20 - Prob. 48PCh. 20 - Prob. 49PCh. 20 - Prob. 50PCh. 20 - Prob. 51PCh. 20 - Prob. 52PCh. 20 - Prob. 53PCh. 20 - Prob. 54PCh. 20 - During the current year, Thrasher (a calendar...Ch. 20 - Prob. 56PCh. 20 - Jim Olsen owns all of the stock in Drake, a...Ch. 20 - Prob. 58PCh. 20 - Prob. 59PCh. 20 - LO.9 The Pheasant Partnership reported the...Ch. 20 - Prob. 61PCh. 20 - Prob. 62PCh. 20 - Prob. 63PCh. 20 - Prob. 1RPCh. 20 - Prob. 2RPCh. 20 - Prob. 3RPCh. 20 - Prob. 5RPCh. 20 - On January 1, year 5, Olinto Corp., an accrual...Ch. 20 - Prob. 2CPACh. 20 - Prob. 3CPACh. 20 - Prob. 4CPACh. 20 - Prob. 5CPACh. 20 - Prob. 6CPACh. 20 - Prob. 7CPA
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- LO.3 Garnet incurs the following capital asset transactions during the year. Further, Garnet has an excess capital loss carryforward of 6,000 from last year. a. What are the tax consequences of these transactions if the 6,000 loss is long term and Garnet is an individual? Garnet is a C corporation? b. What are the tax consequences of these transactions if the 6,000 loss is short term and Garnet is an individual? Garnet is a C corporation?arrow_forwardLO.3 Taupe, a calendar year taxpayer, has a long-term capital loss of 4,000 and a short-term capital loss of 4,000. How are these items handled for tax purposes if Taupe is: a. An individual? b. A C corporation?arrow_forwardA calendar-year taxpayer had net Code Sec. 1231 losses of $8,000 in 2018. He had net Code Sec. 1231 gains of $5,250 and $4,600 in 2019 and 2020, respectively. There were no net Code Sec. 1231 losses in 2015, 2016, and 2017. What portion of the net Code Sec. 1231 gain is reported as ordinary income, and what portion is considered long-term capital gain in 2020? $5,250 is reported as ordinary income; no portion is treated as long-term gain. No long-term capital gain is reported and $3,400 is reported as ordinary income. $2,750 is reported as ordinary income and $1,850 is reported as long-term capital gain. $2,150 is reported as long-term capital gain and $2,400 is reported as ordinary income.arrow_forward
- Cannon Corporation had a net long-term capital gain of $50,000 and a net short-term capital loss of $75,000 in 2020. What are the tax consequences to Cannon as a result of its capital transactions?arrow_forwardLO.3 Green Corporation, a calendar year taxpayer, has ordinary income of 10,000 and a long-term capital loss of 12,000 in 2019. Green incurred a long-term capital gain of 2,500 in 2016 and a long-term capital gain of 5,000 in 2018. a. How much of the long-term capital loss can be deducted in 2019? b. Carried back to prior years? c. Carried forward to future years? d. What is the nature (long- or short-term) of any carrybacks or carryforwards?arrow_forwardLO.3, 8, 9 The taxpayer has generated excess capital losses (both short-term and long-term) for the current year. Discuss the income tax ramifications of the losses if the taxpayer is: a. An individual. b. A C corporation. c. An S corporation. d. A partnership.arrow_forward
- 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…arrow_forwardRequired information [The following information applies to the questions displayed below.] Matt and Meg Comer are married and file a joint tax return. They do not have any children. Matt works as a history professor at a local university and earns a salary of $69,200. Meg works part time at the same university. She earns $43,800 a year. The couple does not itemize deductions. Other than salary, the Comers' only other source of income is from the disposition of various capital assets (mostly stocks). (Use the tax rate schedules. Dividends and Capital Gains Tax Rates.) Note: Round your final answers to the nearest whole dollar amount. a. What is the Comers' tax liability for 2023 if they report the following capital gains and losses for the year? Short-term capital gains Short-term capital losses Long-term capital gains Long-term capital losses $ 9,400. (2,400) 15,200 (6,800) Answer is complete but not entirely correct. Total tax liability $ 12,016arrow_forwardPlse do answer asap..arrow_forward
- 16. Individual TP’s correct tax liability for 2017 was $200,000. Because of deductions and losses that TP claimed from Transaction X, TP only reported $150,000. What are the potential penalties the IRS can assert against TP? Suppose TP disclosed the deductions from Transaction X?arrow_forwardTo 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 2018 through 2021. 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 an input field is not used in the table leave the input field empty; do not enter a zero. Enter loss amounts as a positive number.) AGI (excluding property transactions) $ 55,000 STCG 2,500 STCL 9,500 CO LTCG 7,250 6,250 AGI (including property transactions) LTCL 2018 STCL to be carried forward LTCL to be carried forward []arrow_forwardTo 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 2018 through 2021. 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 an input field is not used in the table leave the input field empty; do not enter a zero. Enter loss amounts as a positive number.) AGI (excluding property transactions) STCG STCL LTCG LTCL AGI (including property transactions) STCL to be carried forward LTCL to be carried forward $ 2018 48,000 2,750 10,750 6,750 4,500arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Individual Income TaxesAccountingISBN:9780357109731Author:HoffmanPublisher:CENGAGE LEARNING - CONSIGNMENT
Individual Income Taxes
Accounting
ISBN:9780357109731
Author:Hoffman
Publisher:CENGAGE LEARNING - CONSIGNMENT
Operating Loss Carryback and Carryforward; Author: SuperfastCPA;https://www.youtube.com/watch?v=XiYhgzSGDAk;License: Standard Youtube License