Luck Corporation , which was formed January 1, 2015, has a net short-term capital gain of $60,000 and a net long-term capital loss of $100,000 during 2020. Luck Corporation had taxable income from other sources of $200,000. Prior years' transactions included the following (note 2019 had no capital gains or losses): 2015- net long term capital gain of 150k 2016- net short term capital gain of 24k 2017- net short term capital gain of 12k 2018- net long term capital gain of 8k Luck's carryover to 2021 is: Select one: a. $0 b. $40,000 long-term capital loss c. $20,000 long-term capital loss d. $20,000 short-term capital loss e. None of the above
Luck Corporation , which was formed January 1, 2015, has a net short-term capital gain of $60,000 and a net long-term capital loss of $100,000 during 2020. Luck Corporation had taxable income from other sources of $200,000. Prior years' transactions included the following (note 2019 had no capital gains or losses): 2015- net long term capital gain of 150k 2016- net short term capital gain of 24k 2017- net short term capital gain of 12k 2018- net long term capital gain of 8k Luck's carryover to 2021 is: Select one: a. $0 b. $40,000 long-term capital loss c. $20,000 long-term capital loss d. $20,000 short-term capital loss e. None of the above
Chapter20: Corporations And Parterships
Section: Chapter Questions
Problem 23CE
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Question
Luck Corporation , which was formed January 1, 2015, has a net short-term capital gain of $60,000 and a net long-term capital loss of $100,000 during 2020. Luck Corporation had taxable income from other sources of $200,000. Prior years' transactions included the following (note 2019 had no capital gains or losses):
2015- net long term capital gain of 150k
2015- net long term capital gain of 150k
2016- net short term capital gain of 24k
2017- net short term capital gain of 12k
2018- net long term capital gain of 8k
Luck's carryover to 2021 is:
Luck's carryover to 2021 is:
Select one:
a.
$0
b.
$40,000 long-term capital loss
c.
$20,000 long-term capital loss
d.
$20,000 short-term capital loss
e.
None of the above
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