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Silver Company (C Corp) had $500,000 taxable income and made the following sales of capital assets during the current year. Tax Basis Sale Price Asset
Silver Company (C Corp) had $500,000 taxable income and made the following sales of capital assets during the current year. Tax Basis Sale Price Asset 1 $ 60,000 $ 50,000 Asset 2 100,000 95,000 Asset 3 20,000 30,000 Silver had $600,000 taxable income and earned $6,000 net capital gains in the previous year. Assume the current corporate tax rate for all applicable years, which of the following statements is CORRECT? Group of answer choices Silver may only carryforward its $5,000 net capital loss from the current year and incur a $1,050 deferred tax asset. Silver can deduct $3,000 of the $5,000 net capital loss from the current year and receive a $630 tax savings
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