Goose Corporation, a C corporation, incurs a net capital loss of $12,000 for 2016. It also has

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Goose Corporation, a C corporation, incurs a net capital loss of $12,000 for 2016. It also has ordinary income of $10,000 in 2016. Goose had net capital gains of $2,500 in 2012 and $5,000 in 2015.
a. Determine the amount, if any, of the net capital loss of $12,000 that is deductible in 2016.
b. Determine the amount, if any, of the net capital loss of $12,000 that is carried forward to 2017?
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South Western Federal Taxation 2017 Comprehensive

ISBN: 9781305874169

40th Edition

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

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