Goose Corporation, a C corporation, incurs a net capital loss of $12,000 for 2022. It also has

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Goose Corporation, a C corporation, incurs a net capital loss of $12,000 for 2022. It also has ordinary income of $10,000 in 2022. Goose had net capital gains of $2,500 in 2018 and $5,000 in 2021.

a. Determine the amount, if any, of the net capital loss of $12,000 that is deductible in 2022.

b. Determine the amount, if any, of the net capital loss of $12,000 that is carried forward to 2023.

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South Western Federal Taxation 2023 Comprehensive Volume

ISBN: 9780357719688

46th Edition

Authors: Annette Nellen, Andrew D. Cuccia, Mark Persellin, James C. Young

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Question Posted: Sep 24, 2023 04:06 AM

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Goose Corporation, a C corporation, incurs a net capital loss of $12,000 for 2022. It also has

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South Western Federal Taxation 2023 Comprehensive Volume

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