Goose Corporation, a C corporation, incurs a net capital loss of $12,000 for 2017. It also has

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Goose Corporation, a C corporation, incurs a net capital loss of $12,000 for 2017. It also has ordinary income of $10,000 in 2017. Goose had net capital gains of $2,500 in 2013 and $5,000 in 2016.
a. Determine the amount, if any, of the net capital loss of $12,000 that is deductible in 2017.
b. Determine the amount, if any, of the net capital loss of $12,000 that is carried forward to 2018.

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South Western Federal Taxation 2018 Corporations Partnerships Estates And Trusts

ISBN: 1389

41st Edition

Authors: William H. Hoffman, William A. Raabe, James C. Young, Annette Nellen, David M. Maloney

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Question Posted: Jan 30, 2018 08:33 AM

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Goose Corporation, a C corporation, incurs a net capital loss of $12,000 for 2017. It also has

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a Zero Corporations can deduct capital losses against capita...View the full answer

South Western Federal Taxation 2018 Corporations Partnerships Estates And Trusts

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