John (a sole proprietor) and Eagle Corporation (a C corporation) each recognize a long-term capital gain of $10,000 and a short-term capital loss of $18,000 on the sale of capital assets. Neither taxpayer had any other property transactions during the year. Describe the tax consequences of these gains and losses for John and for Eagle.

Answer rating: 100% (QA)

Answer 1 John reports the capital transactions on his individual tax return and deducts a 18000 net ... View the full answer