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: $60K NET STCG: $45K NET LTCG: $35K Compute the treatment of EB's capital gain or loss if any

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: $60K NET STCG: $45K NET LTCG: $35K Compute the treatment of EB's capital gain or loss if any

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter17: Corporations: Introduction And Operating Rules

Section: Chapter Questions

Problem 7DQ

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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
During 2020, 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: 2016 net short-term capital gains $40,000 2017 net long-term capital gains 18,000 2018 net short-term capital gains 25,000 2019 net long-term capital gains 20,000 If an amount is zero, enter "0". a. Answer the following to determine how are the capital gains and losses treated on Gorilla's 2020 tax return. How much is Gorilla's net capital loss for 2020?$ What is the amount of the capital loss deduction on Gorilla's 2020 tax return?$ Any excess net capital loss is carried back or forward as a short-term capital loss . b. Determine the amount of the 2020 capital loss that is carried back to each of the previous years. Carried back to 2017 $ Carried back to 2018 $ Carried back to 2019 $…
Elliott has the following capital gain and loss transactions for 2022: a. Short-term capital gain b. Short-term capital loss C. d. e. f. g. Long-term capital gain (28%) Long-term capital gain (25%) Long-term capital gain (15%) Long-term capital loss (28%) Long-term capital loss (15%) $6,200 (14,880) 49,600 19,840 24,800 (19,840) (37,200) After the capital gain and loss netting process, what is the amount and character of Elliott's gain or loss? Elliott has an overall net long-term capital gain ✔ of $ X.
During 2020, 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: 2016 net short-term capital gains $40,000 2017 net long-term capital gains 18,000 2018 net short-term capital gains 25,000 2019 net long-term capital gains 20,000 How are the capital gains and losses treated on Gorilla’s 2020 tax return? Determine the amount of the 2020 capital loss that is carried back to each of the previous years. Compute the amount of capital loss carryforward, if any, and indicate the years to which the loss may be carried. If Gorilla is a sole proprietorship rather than a corporation, how would the owner report these transactions on her 2020 tax return? Assume that Gorilla Corporation’s capital loss carryfoward in part (c) is $27,000 and that Gorilla will be able to use $11,000 of the…
Elliott has the following capital gain and loss transactions for 2022: a. Short-term capital gain $12,400 b. Short-term capital loss (29,760) Long-term capital gain (28%) 99,200 Long-term capital gain (25%) 39,680 e. Long-term capital gain (15 %). 49,600 f. Long-term capital loss (28%) (39,680) 9. Long-term capital loss (15 %) (74,400) C. d. After the capital gain and loss netting process, what is the amount and character of Elliott's gain or loss? Elliott has an overall net long-term capital gain of
During 2020, 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: 2016 net short-term capital gains $40,000 2017 net long-term capital gains 18,000 2018 net short-term capital gains 25,000 2019 net long-term capital gains 20,000 b. Determine the amount of the 2020 capital loss that is carried back to each of the previous years. c.Compute the amount of capital loss carryforward, if any, and indicate the years to which the loss may be carried.
During 2020, Gorilla Corporation, a calendar year C corporation, has net shortterm 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: 2016 net short-term capital gains $40,000 2017 net long-term capital gains 18,000 2018 net short-term capital gains 25,000 2019 net long-term capital gains 20,000 a. How are the capital gains and losses treated on Gorilla’s 2020 tax return? b. Determine the amount of the 2020 capital loss that is carried back to each of the previous years. c. Compute the amount of capital loss carryforward, if any, and indicate the years to which the loss may be carried. d. If Gorilla is a sole proprietorship rather than a corporation, how would the owner report these transactions on her 2020 Tax return e. Assume that Gorilla Corporation’s capital loss carryfoward in part (c) is $27,000 and that Gorilla will be able to use $11,000 of…
Coline has the following capital gain and loss transactions for 2020. a. Short-term capital gain $5,000 b. Short-term capital loss ($2,100) c. Long-term capital gain (28%) $6,000 d. Long-term capital gain (15%) $2,000 e. Long-term capital loss (28%) ($10,500) After the netting process, Coline has an overall of $fill in the blank 2.
The accounting income (loss) figures for Flounder Corporation are as follows: 2018 $162,000 2019 246,000 2020 84,000 2021 (162,000) 2022 (385,000) 2023 140,000 2024 156,000 Accounting income (loss) and taxable income (loss) were the same for all years involved. Assume a 30% tax rate for 2018 and 2019, and a 25% tax rate for the remaining years. Prepare the journal entries for each of the years 2020 to 2024 to record income tax expense and the effects of the tax loss carrybacks and carryforwards, assuming Flounder uses the carryback provision first. All income and losses relate to normal operations and it is more likely than not that the company will generate substantial taxable income in the future. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Year Account Titles and Explanation Debit…
Cloud 9 Corporation, a C corporation, incurred a net capital loss of $50,000 for 2020. It also generated ordinary income of $75,000 in 2020. Cloud 9 had net capital gains of $10,000 in 2017 and $15,000 in 2018. How much of the net capital loss of $50,000 is carried forward to 2021? Answer: _____ ?
Blue Jay Corporation has ordinary income from operations of $60,000, net long-term capital gain of $16,000, and net short-term capital loss of $15,000. What is the taxable income for 2023? Group of answer choices $73,000 $60,000 $76,000 $61,000
Harrison Corporation generates capital gains/(losses) of $30,000, $2,000, ($40,000) in 2017, 2018, and 2019, respectively. Harrison started operating in 2017. What is Harrison’s capital loss carryforward into 2020?