Which of the following is true with respect to capital gains and losses of a corporation?

a.A corporation can carry a capital loss back 5 years.

b.A corporation can carry a capital loss forward 5 years.

c.A corporation pays 15 percent long-term capital gains rate, just like an individual.

d.A corporation can offset ordinary income with capital losses.

1. Steve is a single man who lives by himself. He has one job as a computer technician and takes the standard deduction. What is his 2020 Form W-4 likely to report?

   a.Check the single box and report himself as a single dependent on Step 3

   b.Check the box in Step 2(c) to reflect his job

   c.He can claim any number of withholding allowances that he believes will leave him with proper withholding.

   d.Claim 2 allowances

   e.Check the single box in Step 1 only

1. The partnership of Truman and Hanover realized the following items of income during the current tax year:

   Net income from operations	$65,000
   Dividends received from domestic corporations	4,000
   Interest income on corporate bonds	3,000
   Net long-term capital gains	5,000
   Net short-term capital gains	1,000

   Both the partners are on a calendar year basis. What is the total income which should be reported as ordinary income from business activities of the partnership for the current tax year?

   a.$71,000

   b.$69,000

   c.$65,000

   d.$0

   e.None of these choices are correct.