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Here are two questions on capital losses incurred in the current year. The figure taxable income given in column A reflects a single taxpayer's taxable
Here are two questions on capital losses incurred in the current year. The figure taxable income given in column A reflects a single taxpayer's taxable income for each of two years without regard to his capital gains and losses. Note that in computing gross income (as adjusted) on the return no gains will be included, since capital losses exceed capital gains and the 1211(b) excess amount will be a reduction (see note 4, supra). For each year separately, without regard to computations for other years, determine the amount of the taxpayer's capital loss that is allowed as a deduction from ordinary income under 1211(b)(1) or (2) and the amount and character of his capital loss carryover, if any, under 1212(b)
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