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Calculate the amount of michael deduction for capital losses

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Reference no: EM132674703

Problem - In 2019, Michael has net short-term capital losses of $1,500, a net long-term capital loss of $27,000, and other ordinary taxable income of $45,000.

Required -

a. Calculate the amount of Michael's deduction for capital losses for 2019.

b. Calculate the amount and nature of his capital loss carryforward.

c. For how long may Michael carry forward the unused loss?

Reference no: EM132674703

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