During 2019, Emerald Corporation, an S-corp., reported a long-term capital loss on the sale of land...
During 2019, Emerald Corporation, an S-corp., reported a long-term capital loss on the sale of land ($20,000), operating income of $109,000, and a short-term capital gain on the sale of a vehicle, $8,000. Dakota, a single owner and shareholder, may have other capital gains or losses but has no other income to report. The S-corp impacts before her other gain/loss considerations are:
a. LTCL $3,000, taxable income $74,200, STCG $8,000
b. LTCL $3,000, taxable income $95,800, STCG $8,000
c. LTCL $3,000, taxable income $74,200, STCG $0
d. LTCL $20,000, taxable income $74,200, STCG $8,000
e. LTCL $20,000, taxable income $95,800, STCG $8,000
Homework Answers
e. LTCL $20,000, taxable income $95,800, STCG $8,000
Long term capital loss = $20,000
Short term capital gain = $8,000
Taxable income = $109,000 - $13,200 = $95,800
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During 2019, Emerald Corporation, an S-corp., reported a
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