To better understand the rules for offsetting capital losses and how to treat capital losses carried forward,
Question:
To better understand the rules for offsetting capital losses and how to treat capital losses carried forward, analyze the following data for an unmarried individual for the period 2016 through 2019. two capital loss carryforwards are included in the figures. For each year, determine AGI and the capital losses to be carried forward to a later tax year.
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2016 2017 2018 2019 AGI (excluding property transactions) $40,000 4,000 9,000 6,000 5,000 $50,000 5,000 $60,000 7,000 5,000 2,200 1,000 $70,000 10,000 12,000 6,000 9,500 STCG STCL LTCG LTCL 3,000 10,000 21,000 AGI (including property transactions) STCL to be carried forward LTCL to be carried forward
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Related Book For
Federal Taxation 2020 Comprehensive
ISBN: 9780135196274
33rd Edition
Authors: Timothy J. Rupert, Kenneth E. Anderson, David S. Hulse
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