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Midterm Exam Question 2
Question
Midterm Exam
2. Joel has four transactions involving the sale of capital assets during the year resulting in a STCG of $5,000, a STCL of $12,000, a LTCG of $1,800 and a LTCL of $1,000. As a result of these transactions, Joel will
- deduct losses of $3,000 against ordinary income and carry $3,200 of LTCL forward.
- deduct losses of $3,000 against ordinary income and carry $3,200 of losses back two years.
- deduct net losses of $6,200 against ordinary income.
- deduct losses of $3,000 against ordinary income and carry $3,200 of STCL forward.
This question is taken from Accounting 015 – Tax Accounting I » Spring 2021 » Midterm Exam