Bayelsa Corp. had the following transactions in the current year: Short term capital gain Short term capital loss Long term capital gain Long term capital loss If Bayelsa has taxable income of $70,000 before considering the capital transactions, what is Bayelsa's net capital loss that cannot be deducted in the current year? O SO $12,000 -$3,000 $5,000 -$16,000 O $19,000 net capital loss O $11,000 net capital loss O $2,000 net capital loss
Bayelsa Corp. had the following transactions in the current year: Short term capital gain Short term capital loss Long term capital gain Long term capital loss If Bayelsa has taxable income of $70,000 before considering the capital transactions, what is Bayelsa's net capital loss that cannot be deducted in the current year? O SO $12,000 -$3,000 $5,000 -$16,000 O $19,000 net capital loss O $11,000 net capital loss O $2,000 net capital loss
Chapter20: Corporations And Parterships
Section: Chapter Questions
Problem 35P
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Transcribed Image Text:Bayelsa Corp. had the following transactions in the current year:
Short term capital gain
Short term capital loss
Long term capital gain
Long term capital loss
If Bayelsa has taxable income of $70,000 before considering the capital transactions, what is Bayelsa's net capital
loss that cannot be deducted in the current year?
O SO
$12,000
-$3,000
$5,000
-$16,000
O $19,000 net capital loss
O $11,000 net capital loss
O $2,000 net capital loss
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