1 Panto Required information Problem 19.44 (LO 19-2) (Alge) The following information to the questions de below) This year, Jack Lantern incurred $75,000 loss on the worthlessness of win the Grey Corporation. The stock, which Jack purchased in 2005, met als of the 1244 stock requirements at the time of in December of year Jacks wife, who incurred 500.000 loss on the sale of Celle Corporation stock that the channel 2005 and trust wisatisfied all of the 1244 stocks at the time of Bon comportions we operating companies. Assume that they entret Problem 19.44 Parta (Algo) a. How much of the losses incurred on the two stock sales con jack and deduct this yeaming they do not have a in the current of prior years o 2 Required information Problem 19.44 (LO 19-2) (Algo) The following information applies to the questions displayed below) This year, Jack O. Lantern incurred $75,000 loss on the wareness of his stock in the Creepy Corporation (CC The stock, which Jack purchased in 2005, met all of the 1244 stock requirements at the time of issue in December of the year, Jack's wife, Jill also incurred a $80,900 loss on the sale of Earle Corporation stock that the purchased in My 2005 and that also satisfied all of the 1244 stock requirements at the time of issue Both corporations are operating companies. Assume that they file a joint return whoon Problem 19.44 Part b (Algo) b. Assuming they did not engage in any other property transactions this year, how much of a nel capital oss will cry over to meter for Jack and a of Required information Problem 19-44 (LO 19-2) (Algo) The following information applies to the questions displayed below! This year, Jack Lantern incurred a $75,000 loss on the worthlessness of his stock in the Creepy Corporation (C). The stock, which Jack purchased in 2005, met all of the 51244 stock requirements at the time of issue in December of this year, Jack's wife, Jill also incurred a $80,900 loss on the sale of Eerie Corporation (EC) stock that she purchased in July 2005 and that also satisfied all of the 51244 stock requirements at the time of issue. Both corporations are operating companies. Assume that they le a joint return Problem 19-44 Part c (Algo) c. What would be the tax treatment for the losses in Jack and Jill reported only $66.250 of taxable income this year, excluding the securities transactions? nes Total loss deductible Ordinary loss carryover Capital loss carryover Required information Problem 19-44 (LO 19-2) (Algo) The following information applies to the questions displayed below This year, Jack O. Lantern incurred a $75,000 loss on the worthlessness of his stock in the Creepy Corporation (CC). The stock, which Jack purchased in 2005, met all of the 51244 stock requirements at the time of issue. In December of this year, Jack's wife, Jillalso incurred a $80,900 loss on the sale of Eerie Corporation (EC) stock that she purchased in July 2005 and that also satisfied all of the 51244 stock requirements at the time of issue. Both corporations are operating companies. Assume that they file a joint return. Problem 19-44 Part a (Algo) a. How much of the losses incurred on the two stock sales can Jack and Jill deduct this year, assuming they do not have capital gains in the current or prior years? Tot deductible Required information Problem 19-44 (LO 19-2) (Algo) The following information applies to the questions displayed below! This year, Jack O. Lantern incurred a $75.000 loss on the worthlessness of his stock in the Creepy Corporation (CC). The stock, which Jack purchased in 2005, met all of the 51244 stock requirements at the time of issue. In December of this year, Jack's wife,ill also incurred a $80,900 loss on the sale of Eerie Corporation (EC) stock that she purchased in July 2005 and that also satisfied all of the 51244 stock requirements at the time of issue. Both corporations are operating companies. Assume that they file a joint return. Problem 19-44 Part b (Algo) b. Assuming they did not engage in any other property transactions this for Jack and Jill? how much of a net capital loss will carry over to next year Carlos CATTYO Required information Problem 19-44 (LO 19-2) (Algo) The following information applies to the questions displayed below) This year, Jack O. Lantern incurred a $75,000 loss on the worthlessness of his stock in the Creepy Corporation (CC). The stock, which Jack purchased in 2005, met all of the $1244 stock requirements at the time of issue. In December of this year, Jack's wife, Jill, also incurred a $80.900 loss on the sale of Eerie Corporation (EC) stock that she purchased in July 2005 and that also satisfied all of the 51244 stock requirements at the time of issue. Both corporations are operating companies. Assume that they file a joint return. Problem 19-44 Part c (Algo) c. What would be the tax treatment for the losses if Jack and Jill reported only $66.250 of taxable income this year, excluding the securities transactions? Total loss deductible Ordinary loss carryover Capital loss carryover