In 2022, Bryan realizes a capital loss of $30,000 on the arm's length disposition of shares...
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In 2022, Bryan realizes a capital loss of $30,000 on the arm's length disposition of shares of a SBC. In the prior year, Bryan had used his capital gains deductions to offset a taxable capital gain of $5,000. I Required a. Calculate the Business Investment Loss and the Allowable Business Investment Loss. b. If last year, Bryan had a capital gain of $14,000, calculate the amount of the capital loss that can be applied and the net taxable capital gain. In 2022, Bryan realizes a capital loss of $30,000 on the arm's length disposition of shares of a SBC. In the prior year, Bryan had used his capital gains deductions to offset a taxable capital gain of $5,000. I Required a. Calculate the Business Investment Loss and the Allowable Business Investment Loss. b. If last year, Bryan had a capital gain of $14,000, calculate the amount of the capital loss that can be applied and the net taxable capital gain.
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Answer rating: 100% (QA)
a To calculate the Business Investment Loss BIL we must first calculate the allowable capital loss This is done by subtracting the capital gains deduc... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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