F2 F3 F4 FS F6 F7 FB F9 F10 F11 F12 7) Queens Corporation reported capital losses of $25,000 in year-one and capital gains of $40,000 in year- two. a) What amount of capital loss is deductible in year one? b) What amount of capital loss can be carried forward to year two? What is the net capital gain for year-two, if any? c) d) The tax rate on net capital gain for year two is? 8) Bronx Corp is an accrual basis taxpayer. They enter into an agreement on July 1, 2021, to provide services to Brooklyn Corp in 2022. Brooklyn Corp provides a retainer totaling $25,000 on July 1, 2021. The remainder, $150,000 will be paid when work is completed in 2022. What does Bronx Corp include taxable in income in 2021? PrtScr Inse