XYZ Inc. a calendar year, accrual basis corporation, had the following items during 2021: Gross...

 

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XYZ Inc. a calendar year, accrual basis corporation, had the following items during 2021: • Gross revenue from operations • Cost of goods sold $420,000 ($180,000) $9,000 • LT capital gain .LT capital loss ($2,200) ST capital gain $10,000 • ST capital loss carryover from 2018 ($12,500) ($20,000) ($10,000) • Scc 1231 gain $19,000 • Dividends received from Omega Inc. (XYZ Inc. owns 30% of Omega Inc.) $60,000 Charitable contribution (current year) (all non-cash) • Charitable contribution (from 2017) ($30,000) ($25,000) ($1,500) Unrecaptured 1231 losses from 2019 . • ST capital loss carryover from 2015 . Sec 1231 loss . . a. What is XYZ Inc.'s net capital gain/loss and character of the gain loss, including any carryovers? b. Calculate XYZ Inc.'s taxable income for the charitable contribution limitation, and XYZ Inc's charitable contribution deduction for 2021. XYZ Inc. a calendar year, accrual basis corporation, had the following items during 2021: • Gross revenue from operations • Cost of goods sold $420,000 ($180,000) $9,000 • LT capital gain .LT capital loss ($2,200) ST capital gain $10,000 • ST capital loss carryover from 2018 ($12,500) ($20,000) ($10,000) • Scc 1231 gain $19,000 • Dividends received from Omega Inc. (XYZ Inc. owns 30% of Omega Inc.) $60,000 Charitable contribution (current year) (all non-cash) • Charitable contribution (from 2017) ($30,000) ($25,000) ($1,500) Unrecaptured 1231 losses from 2019 . • ST capital loss carryover from 2015 . Sec 1231 loss . . a. What is XYZ Inc.'s net capital gain/loss and character of the gain loss, including any carryovers? b. Calculate XYZ Inc.'s taxable income for the charitable contribution limitation, and XYZ Inc's charitable contribution deduction for 2021.

Answer rating: 100% (QA)

Gross capital gain 60000 Less capital losses 30000 Net capital gain 30000 Ch... View the full answer