Goose Corporation, a C corporation, incurs a net capital loss of $12,000 for 2021. It also has

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Goose Corporation, a C corporation, incurs a net capital loss of $12,000 for 2021. It also has ordinary income of $10,000 in 2021. Goose had net capital gains of $2,500 in 2017 and $5,000 in 2020.

a. Determine the amount, if any, of the net capital loss of $12,000 that is deductible in 2021.
b. Determine the amount, if any, of the net capital loss of $12,000 that is carried forward to 2022.

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South-Western Federal Taxation 2022 Corporations, Partnerships, Estates And Trusts

ISBN: 9780357519240

45th Edition

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

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Question Posted: May 14, 2023 04:54 AM

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Goose Corporation, a C corporation, incurs a net capital loss of $12,000 for 2021. It also has

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South-Western Federal Taxation 2022 Corporations, Partnerships, Estates And Trusts

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