Question
Corporation Taxable Income a) For the current year, Wish Corporation had ordinary income from operations of $80,000, a net long-term capital gain of $17,000, and
Corporation Taxable Income
a) For the current year, Wish Corporation had ordinary income from operations of $80,000, a net long-term capital gain of $17,000, and a net short-term capital loss of $7,000. Compute Wishs taxable income for the year.
b) For the current year, BB Corporation had net income from operations of $65,000 and a net long-term capital loss of $9,000. It also had a net short-term capital gain of $7,000. Compute BBs taxable income for the year.
c) For the current year, before considering capital loss carryovers, Adam Corporation had a net long-term capital loss of $8,000 and a net short-term capital loss of $3,000. Its net capital loss carryover from last year was $2,000. How much is Adams capital loss carryover to the next tax year, and what is its nature, (long-term or short-term)?
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