Question
During 2018, Crown Corporation, a calendar year C corporation, has net short-term capital gains of $50,000, net long-term capital losses of $80,000, and taxable income
During 2018, Crown Corporation, a calendar year C corporation, has net short-term capital gains of $50,000, net long-term capital losses of $80,000, and taxable income from other sources of $270,000. Prior years' transactions included the following. 2014 net short-term capital gains $12,000 2015 net long-term capital gains 10,000 2016 net short-term capital gains 9,500 2017 net long-term capital gains 7,000 If an amount is zero, enter "0".
a. How much is Crown's net capital loss for 2018? $ What is the amount of the capital loss deduction on Crown's 2018 tax return? $ 0 Any excess net capital loss is carried back or forward as a short-term capital loss .
b. Of the excess 2018 net capital loss, how much is carried back to the previous years? $
c. Compute the amount of capital loss carryover to 2019 and future years. $
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