In 2012, 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 2012. $___________
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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a 3000 The amount of an individual taxpayers net capital losses which may be deducted against ordinary income is limited to 3000 annually b 44000 longterm capital loss ...View the full answer
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Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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