Individual Income Taxes
43rd Edition
ISBN: 9780357109731
Author: Hoffman
Publisher: CENGAGE LEARNING - CONSIGNMENT
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Textbook Question
Chapter 20, Problem 23CE
LO.3 Green Corporation, a calendar year taxpayer, has ordinary income of $10,000 and a long-term capital loss of $12,000 in 2019. Green incurred a long-term
- a. How much of the long-term capital loss can be deducted in 2019?
- b. Carried back to prior years?
- c. Carried forward to future years?
- d. What is the nature (long- or short-term) of any carrybacks or carryforwards?
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A calendar-year taxpayer had net Code Sec. 1231 losses of $8,000 in 2018. He had net Code Sec. 1231 gains of $5,250 and $4,600 in 2019 and 2020, respectively. There were no net Code Sec. 1231 losses in 2015, 2016, and 2017. What portion of the net Code Sec. 1231 gain is reported as ordinary income, and what portion is considered long-term capital gain in 2020?
$5,250 is reported as ordinary income; no portion is treated as long-term gain.
No long-term capital gain is reported and $3,400 is reported as ordinary income.
$2,750 is reported as ordinary income and $1,850 is reported as long-term capital gain.
$2,150 is reported as long-term capital gain and $2,400 is reported as ordinary income.
Goose Corporation, a C corporation, incurs a net capital loss of $12,000 for 2020. It also has ordinary income of $10,000 in 2020. Goose had net capital gains of $2,500 in 2016 and $5,000 in 2019.
If an amount is zero, enter "0".
a. Determine the amount, if any, of the net capital loss of $12,000 that is deductible in 2020.$
b. Determine the amount, if any, of the net capital loss of $12,000 that is carried forward to 2021.$
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Required information
Problem 7-45 (LO 7-2) (Algo)
[The following information applies to the questions displayed below.]
Matt and Meg Comer are married and file a joint tax return. They do not have any children.
Matt works as a history professor at a local university and earns a salary of $69,600. Meg
works part time at the same university. She earns $33,800 a year. The couple does not
itemize deductions. Other than salary, the Comers' only other source of income is from the
disposition of various capital assets (mostly stocks). (Use the tax rate schedules,
Dividends and Capital Gains Tax Rates.)
Note: Round your final answers to the nearest whole dollar amount.
Problem 7-45 Part-a (Algo)
a. What is the Comers' tax liability for 2022 if they report the following capital gains and losses for the year?
$ 9,800
(2,400)
Short-term capital gains
Short-term capital losses
Long-term capital gains
Long-term capital losses
15,800
(6,400)
Total tax liability
Chapter 20 Solutions
Individual Income Taxes
Ch. 20 - Prob. 1DQCh. 20 - LO.1 Sylvia and Trang want to enter into business...Ch. 20 - Prob. 3DQCh. 20 - Prob. 4DQCh. 20 - Prob. 5DQCh. 20 - LO.3, 4, 5 Contrast the income taxation of...Ch. 20 - LO.3, 8, 9 The taxpayer has generated excess...Ch. 20 - Prob. 8DQCh. 20 - Prob. 9DQCh. 20 - Prob. 10DQ
Ch. 20 - Prob. 11DQCh. 20 - Prob. 12DQCh. 20 - Prob. 13DQCh. 20 - Prob. 14DQCh. 20 - LO.5 Beige Corporation has a fiscal year ending...Ch. 20 - Prob. 16DQCh. 20 - Prob. 17DQCh. 20 - Prob. 18DQCh. 20 - Prob. 19DQCh. 20 - Prob. 20DQCh. 20 - Prob. 21DQCh. 20 - Blaine, Cassie, and Kirstin are equal partners in...Ch. 20 - LO.3 Green Corporation, a calendar year taxpayer,...Ch. 20 - Prob. 24CECh. 20 - Prob. 25CECh. 20 - LO.4 Gold and Silver are two unrelated calendar...Ch. 20 - Prob. 27CECh. 20 - Prob. 28CECh. 20 - Prob. 29CECh. 20 - Prob. 30CECh. 20 - Prob. 31CECh. 20 - Prob. 32CECh. 20 - Prob. 33CECh. 20 - LO.3, 4, 5 Using the legend provided below,...Ch. 20 - LO.3 Garnet incurs the following capital asset...Ch. 20 - Prob. 36PCh. 20 - LO.3 Taupe, a calendar year taxpayer, has a...Ch. 20 - LO.3, 8 Robin incurred the following capital...Ch. 20 - Prob. 39PCh. 20 - Prob. 40PCh. 20 - Prob. 41PCh. 20 - Prob. 42PCh. 20 - Prob. 43PCh. 20 - Prob. 44PCh. 20 - Prob. 45PCh. 20 - Prob. 46PCh. 20 - Prob. 47PCh. 20 - Prob. 48PCh. 20 - Prob. 49PCh. 20 - Prob. 50PCh. 20 - During the current year, Thrasher (a calendar...Ch. 20 - Prob. 52PCh. 20 - Prob. 53PCh. 20 - Prob. 54PCh. 20 - Prob. 55PCh. 20 - LO.9 The Pheasant Partnership reported the...Ch. 20 - Prob. 57PCh. 20 - Prob. 58PCh. 20 - Prob. 59PCh. 20 - Prob. 1RPCh. 20 - Prob. 2RPCh. 20 - Prob. 3RPCh. 20 - Prob. 5RPCh. 20 - On January 1, year 5, Olinto Corp., an accrual...Ch. 20 - Prob. 2CPACh. 20 - Prob. 3CPACh. 20 - Prob. 4CPACh. 20 - Prob. 5CPACh. 20 - Prob. 6CPACh. 20 - Prob. 7CPA
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