Platinum, Inc., has determined its taxable income as $215,000 before considering the results of its capital gain or loss transactions. Platinum has a short-term capital loss of $24,000, a long-term capital loss of $38,000, and a short-term capital gain of $39,000. What is Platinum's taxable income? What (if any) are the amount and nature of its capital loss carryover?
Answer to relevant QuestionsThe taxpayer is an antiques collector and is going to sell an antique purchased many years ago for a large gain. The facts and circumstances indicate that the taxpayer might be classified as a dealer rather than an investor ...A sculpture that Tulip & Co. held for investment was destroyed in a flood. The sculpture was insured, and Tulip had a $60,000 gain from this casualty. It also had a $17,000 loss from an uninsured antique vase that was ...Larry is the sole proprietor of a trampoline shop. During 2014, the following transactions occurred. • Unimproved land adjacent to the store was condemned by the city on February 1. The condemnation proceeds were $15,000. ...Benny purchased $400,000 of Peach Corporation face value bonds for $320,000 on November 13, 2013. The bonds had been issued with $80,000 of original issue discount because Peach was in financial difficulty in 2013. On ...Taylor, age 18, is claimed as a dependent by her parents. For 2014, she has the following income: $4,000 of wages from a summer job, $1,800 of interest from a money market account, and $2,000 of interest from City of Boston ...
Post your question