Homework Answers
a)Capital losses of 2018 cannot be setoff against ordinary income , so capital loss cannot be setoff against ordinary business income . and balance of 10000 as long term capital gain can be carried forward to future year
b) same treatment as above even if it corporation
i. e 5000 is long term capital gain , 2018 10000 of long term capital loss will be carried forward to future year ,and 100000 will be taxable as ordinary income in 2018
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1.)
2.)
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