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Please help with the attached questions. I really want to understand how to do this so please be as detailed as possible Part I: During
Please help with the attached questions. I really want to understand how to do this so please be as detailed as possible
Part I: During 2013, Gain Corporation has net short-term capital gains of $15,000, net long-term capital losses of $105,000, and taxable income from other sources of $460,000. Prior years' transactions included the following: 2009 2010 2011 2012 net net net net short-term capital gains long-term capital gains short-term capital gains long-term capital gains $40,000 18,000 25,000 20,000 How are the capital gains and losses treated on Gain's 2013 tax return? Determine the amount of the 2013 capital loss that is carried back to each of the previous years. Compute the amount of capital loss carry forward, if any, and indicate the years to which the loss may be carried. Part II: Review the following potential investments by Gain Corporation Corporate Investment Scenario 1 Income from operations $700,000 $800,000 Expenses from operations ($600,00 0) Qualifying dividends $100,000 $100,000 Scenario 2 Scenario 3 $900,000 ($910,00 ($850,000) 0) $100,000 Calculate the dividends received deductions for each independent investment scenario assuming: 10% ownership of the investment 25% ownership of the investment 90% ownership of the investment Requirements: Clearly identify the requirements being addressed. Show all calculations within the cells of an Excel spreadsheetStep by Step Solution
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