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Zeno Inc. sold two capital assets in 2019. The first sale resulted in a $53,000 capital loss, and the second sale resulted in a $25,600
Zeno Inc. sold two capital assets in 2019. The first sale resulted in a $53,000 capital loss, and the second sale resulted in a $25,600 capital gain. Zeno was incorporated in 2015, and its tax records provide the following information:
2015 | 2016 | 2017 | 2018 | |||||
Ordinary income | $443,000 | $509,700 | $810,300 | $921,000 | ||||
Net capital gain | 22,000 | 0 | 4,120 | 13,600 | ||||
Taxable income | $465,000 | $509,700 | $814,420 | $934,600 | ||||
- Compute Zenos tax refund from the carryback of its 2019 nondeductible capital loss. Assume Zeno's marginal tax rate was 34 percent in 2015 through 2017, and 21 percent in 2018.
- Compute Zenos capital loss carryforward into 2020.
please i need help with part a. everyone has it incomplete
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