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Goyo Corporation, a calendar year taxpayer, incurs a long-term net capital loss of $12,000 for 2017. It has an ordinary income of $10,000 in 2017.
Goyo Corporation, a calendar year taxpayer, incurs a long-term net capital loss of $12,000 for 2017. It has an ordinary income of $10,000 in 2017. Goyo had long-term capital gains of $2,500 in 2014 and $5,000 in 2016.
If an amount is zero, enter "0".
As a result, Goyo may deduct $_________of the net long-term capital loss in 2017. Goyo may carryback and use $___________ of the losses. In addition, Goyo has a Short-term/long-term carryover of $____________ to 2018.
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