•Taxpayer has income and loss from sales of capital stock as follows: •Short term gains of $5,000 •Long term loss of $2,...
•Taxpayer has income and loss from sales of capital stock as follows:
•Short term gains of $5,000
•Long term loss of $2,000
•Carryforward of loss from prior years of $10,000
•How much capital gain income or loss will taxpayer recognize in the current tax year?
•If there is a carryforward to the next year – how much?
Homework Answers
Long term capital loss can be setoff against long term capital gain only
hence short term gain of rs 5000 can be setoff against previous carry forward loss upto 5000,(assumimg short term)
therefore total carry forward to next yr will be 5000 + 2000 (long term loss)
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•Taxpayer has income and loss from sales of capital stock as follows: •Short term gains of $5,000 •Long term loss of $2,...
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Jawan has the following capital gains and losses in the current year: Short-term capital loss $1,300 Long-term capital gain 8,600 Long-term capital loss 4,100 Long-term capital loss carryforward 3,500 What is the effect of the capital gains and losses on Jawan's taxable income? The capital gain and loss netting results in a short-term capital loss of $ Feedback Check My Work The netting procedure determines the net long-term and short-term capital gains or losses for the year.
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