Green Corporation, a calendar year taxpayer, has ordinary income of $10,000 and a long-term capital loss of

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Green Corporation, a calendar year taxpayer, has ordinary income of $10,000 and a long-term capital loss of $12,000 in 2016. For past years, it had a long-term capital gain of $2,500 in 2013 and a long-term capital gain of $5,000 in 2015.
a. How much of the long-term capital loss can be deducted in 2016?
b. Carried back to prior years?
c. Carried forward to future years?
d. What is the nature (long- or short-term) of any carrybacks or carryforwards?
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South Western Federal Taxation Individual Income Taxes 2017

ISBN: 9781305873988

40th Edition

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

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