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Skagway, Inc. recognizes the following capital gains and losses during the tax Year 4: Short-term capital gain $20,000 Short-term capital loss (25,000) Long-term capital gain
Skagway, Inc. recognizes the following capital gains and losses during the tax Year 4: Short-term capital gain $20,000 Short-term capital loss (25,000) Long-term capital gain 10,000 Long-term capital loss (20,000) In Year 1, its capital gains and losses were as follows: Short-term capital gain $22,000 Short-term capital loss (23,000) Long-term capital gain 15,000 Long-term capital loss (12,000) What is Skagway's capital loss carryback to Year 1? Determine how much, if any, capital loss carried to Year 2
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