Question
Please show all work.. Thank you! Ostrich, a C corporation, has a net short-term capital gain of $20,000 and a net long-term capital loss of
Please show all work.. Thank you!
Ostrich, a C corporation, has a net short-term capital gain of $20,000 and a net long-term capital loss of $90,000 during 2017. Ostrich also has taxable income from other sources of $1 million. Prior years transactions included the following:
2013 net short-term capital gains | $20,000 |
2014 net long-term capital gains | 15,000 |
2015 net short-term capital gains | 25,000 |
2016 net long-term capital gains | 5,000 |
?
a. | How are the capital gains and losses treated on Ostrichs 2017 tax return? |
b. ? | Determine the amount of the 2017 net capital loss that is carried back to each of the previous years. |
c. ? | Compute the amount of capital loss carryover, if any, and indicate the years to which the loss may be carried. |
d. ? | If Ostrich were a proprietorship, how would Ellen, the owner, report these transactions on her 2017 tax return? |
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