In 2014, Michael has net short-term capital losses of $2,000, a net long-term capital loss of $45,000,
Question:
a. Calculate the amount of Michael’s deduction for capital losses for 2014.
$ _______________
b. Calculate the amount and nature of his capital loss carry-forward.
$ _______________
c. For how long may Michael carry forward the unused loss?
________________
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Related Book For
Income Tax Fundamentals 2015
ISBN: 9781305177772
33rd Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven Gill
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