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Gray, Inc., a C corporation, has taxable income from operations of $1,452,000 for 2016. It also has a net long-term capital loss of $355,000 from
Gray, Inc., a C corporation, has taxable income from operations of $1,452,000 for 2016. It also has a net long-term capital loss of $355,000 from the sale of a subsidiarys stock. The year 2016 is the first year in the last 10 years that Gray has not had at least $500,000 per year of net long-term capital gains. What is Grays 2016 taxable income? What, if anything, can it do with any unused capital losses?
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