Question

Zeno Inc. sold two capital assets in 2015. The first sale resulted in a $53,000 capital loss, and the second sale resulted in a $25,600 capital gain. Zeno was incorporated in 2011, and its tax records provide the following information:
a. Using a 34 percent tax rate, compute Zeno’s tax refund from the carryback of its 2015 nondeductible capital loss.
b. Compute Zeno’s capital loss carryforward into 2016.


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  • CreatedNovember 03, 2015
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