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In 2017, the Ryan Corporation sold a capital asset and incurred a $40,000 long-term capital loss (LTCL) that was carried forward to subsequent years.
In 2017, the Ryan Corporation sold a capital asset and incurred a $40,000 long-term capital loss (LTCL) that was carried forward to subsequent years. That sale was the only sale of a capital asset that Ryan made until 2022, when Ryan sells a capital asset and recognizes a short-term capital gain (STCG) of $53,000. Without considering the STCG from the sale, Ryan's taxable income is $250,000. Read the requirements. ... Requirement a. Determine the corporation's net short-term capital gain (NSTCG) for 2022. Ryan Corporation's NSTCG for 2022 is Requirement b. Determine the corporation's 2022 taxable income. Ryan Corporation's taxable income for 2022 is Requirement c. If the sale of the asset in 2017 had occurred in 2016, determine the corporation's 2022 taxable income. If the sale of the asset occurred in 2016, the corporation's 2022 taxable income would be
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