Calculation of Gain or Loss and Net Capital Losses (LO 4.4, 4.5) In 2021, Michael has net short-term capital losses of $1,700, a net long-term capital loss of $17,000, and other ordinary taxable income of $45,000. If an amount is zero, enter "0". a. Calculate the amount of Michael's deduction for capital losses on his tax return for 2021. 3,000 Feedback b. Calculate the amount and nature of his capital loss carryforward. 43,300 x Long-term capital loss carryforward o v Short-term capital loss carryforward Feedback c. For how long may Michael carry forward any long-term unused loss? Indefinitely
Calculation of Gain or Loss and Net Capital Losses (LO 4.4, 4.5) In 2021, Michael has net short-term capital losses of $1,700, a net long-term capital loss of $17,000, and other ordinary taxable income of $45,000. If an amount is zero, enter "0". a. Calculate the amount of Michael's deduction for capital losses on his tax return for 2021. 3,000 Feedback b. Calculate the amount and nature of his capital loss carryforward. 43,300 x Long-term capital loss carryforward o v Short-term capital loss carryforward Feedback c. For how long may Michael carry forward any long-term unused loss? Indefinitely
Chapter18: Accounting Periods And Methods
Section: Chapter Questions
Problem 20DQ
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