Citron, a calendar year taxpayer, began business in January 2017. It hai a long-term capital gain of

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Citron, a calendar year taxpayer, began business in January 2017. It hai a long-term capital gain of $5,000 in 2017 and a long-term capital loss c $10,000 in 2018. For both years, Citron had an operating profit in excess of $100,00( How are these capital gain and loss transactions handled for income tax purpose if Citron is: 

a. An individual?

b. A C corporation?

c. An S corporation?

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South-Western Federal Taxation 2019 Individual Income Taxes

ISBN: 9781337702546

42nd Edition

Authors: James C. Young, William H. Hoffman, William A. Raabe, David M. Maloney, Annette Nellen

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