17. For the current tax year, Morgan had $25,000 of ordinary income. In addition, he had an $1,90...

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17. For the current tax year, Morgan had $25,000 of ordinary income. In addition, he had an $1,900 long-term capital loss and

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Answer 1

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Answer #1

ANSWER :-

Given the best Answer Option: (C)

Explanation:

The limit for such capital losses to be deducted is $3000 in a year.

Amount of Morgan's capital loss carry forward to the next year : (Long-term+Short-term)-3000

= (1900+1600)-3000

=3,500-3000

= $500

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17. For the current tax year, Morgan had $25,000 of ordinary income. In addition, he had an $1,90...