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2. Ostrich, a C corporation, has a net capital loss of $70,000 during 2016. Ostrich also has taxable income from other sources of $1 million.
2. Ostrich, a C corporation, has a net capital loss of $70,000 during 2016. Ostrich also has taxable income from other sources of $1 million. Prior vears' transactions included the following: 2012 net capital gains 2013 net capital gains 2014 net capital gains 2015 net capital gains $20,000 15,000 25,000 5,000 a. b. How are the capital gains and losses treated on Ostrich's 2016 tax return? Determine the amount of the 2016 net capital loss that is carried back to each of the previous years. Compute the amount of capital loss carryover, if any, and indicate the years to which the loss may be carried c
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