n, incurred a net capital loss of $50,000 for 2020. It also generated ordinary income of $75,000 in 2020. Cloud 9 had net capital gains of $10,000 in 2017 and $15,000 in 2018. How much of the net capital loss of $50,000 is carried forward to 2021? Answer: _____ ?
n, incurred a net capital loss of $50,000 for 2020. It also generated ordinary income of $75,000 in 2020. Cloud 9 had net capital gains of $10,000 in 2017 and $15,000 in 2018. How much of the net capital loss of $50,000 is carried forward to 2021? Answer: _____ ?
Chapter7: Losses—deductions And Limitations
Section: Chapter Questions
Problem 17P
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Question
Cloud 9 Corporation, a C corporation, incurred a net capital loss of $50,000 for 2020. It also generated ordinary income of $75,000 in 2020. Cloud 9 had net capital gains of $10,000 in 2017 and $15,000 in 2018. How much of the net capital loss of $50,000 is carried forward to 2021?
Answer: _____ ?
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ISBN:
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Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT