Business, 14.07.2020 22:01 jewlbug4358

During 2019, Gorilla Corporation, a calendar year C corporation, has net short-term capital gains of $15,000, net long-term capital losses of $105,000, and taxable income from other sources of $460,000. Prior years' transactions included the following: 2013 net short-term capital gains $40,000
2014 net long-term capital gains 18,000
2015 net short-term capital gains 25,000
2016 net long-term capital gains 20,000

Required:
a. How much is Gorilla's net capital loss for 2017?
b. What is the amount of the capital loss deduction on Gorilla's 2017 tax return?
c. Of the excess 2017 net capital loss, howmuch is carried back to the previous years?
d. Compute the amount of capital loss carryoverto 2018 and future years.
e. If Gorilla is a sole proprietorship, ratherthan a corporation, how would the owner report these transactionson her 2017 tax return?

Answers: 2

Show answers

Another question on Business

Business, 22.06.2019 15:10

You want to have $80,000 in your savings account 11 years from now, and you’re prepared to make equal annual deposits into the account at the end of each year. if the account pays 6.30 percent interest, what amount must you deposit each year? (do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

Answers: 1

Answer

Business, 22.06.2019 21:00

At present, the united states has an embargo against north korea because a. the two countries have extremely poor political relations. b. north korea will not adopt a capitalist government. c. north korean products are too difficult to use. d. north korea has an embargo on american products. e. products from north korea are in higher demand than american-made products.

Answers: 2

Answer

Business, 22.06.2019 21:20

Rediger inc., a manufacturing corporation, has provided the following data for the month of june. the balance in the work in process inventory account was $28,000 at the beginning of the month and $20,000 at the end of the month. during the month, the corporation incurred direct materials cost of $56,200 and direct labor cost of $29,800. the actual manufacturing overhead cost incurred was $53,600. the manufacturing overhead cost applied to work in process was $52,200. the cost of goods manufactured for june was:

Answers: 2

Answer

Business, 22.06.2019 21:30

Which is the most compelling reason why mobile advertising is related to big data?

Answers: 1

Answer

You know the right answer?

During 2019, Gorilla Corporation, a calendar year C corporation, has net short-term capital gains of...

Questions