Top Posters
Since Sunday
5
a
5
k
5
c
5
B
5
l
5
C
4
s
4
a
4
t
4
i
4
r
4
Home Q & A Board Other Fields Homework Help Business Accounting
New Topic  
Sheena Maskell Sheena Maskell
wrote...
Go to Answer
Posts: 1902
Rep: 44 0
7 years ago
A corporation has the following capital gains and losses during the current year:

LTCG:   $15,000
LTCL:   21,000
STCG:   3,000
STCL:   8,000

The tax result to the corporation is
A) deduct $3,000 of the STCL currently; carryover the remaining $2,000 STCL and $6,000 LTCL.
B) deduct $5,000 STCL and $6,000 LTCL.
C) deduct nothing currently; carryback the $5,000 STCL and $6,000 LTCL for three years and carryover for 5 years, if necessary.
D) deduct nothing currently; carryback the $11,000 STCL for three years and carryover for 5 years, if necessary.
Textbook 
Prentice Hall's Federal Taxation: 2011: Individuals

Prentice Hall's Federal Taxation: 2011: Individuals


Edition: 14th
Authors:
Read 170 times
2 Replies
Replies
Answer verified by a subject expert
MsLippyMsLippy
wrote...
#1
Top Poster
Posts: 1848
Rep: 64 0
7 years ago
Sign in or Sign up in seconds to unlock everything for free
More solutions for this book are available here
1

Related Topics

Sheena M. Author
wrote...
#2
7 years ago
Perfect Person Raising Both Hands in Celebration
New Topic      
Quick Reply
Explore
Post your homework questions and get free online help from our incredible volunteers
  1267 People Browsing
Start New Topic Take the Tour CoursesNew Study Tools Topics Trending Browse by Textbook
Related Images
  
 161
  
 5038
  
 259
Your Opinion
Previous poll results: Should Ph.D.'s be addressed as doctors?