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How much of the capital loss may be deducted for the year

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Reference no: EM132835374

Virginia owns 100% of Goshawk Company. In the current year, Goshawk Company sells a capital asset (held for three years) at a loss of $40,000. In addition, Goshawk has a short-term capital gain of $18,000 and net operating income of $90,000 during the year. Virginia has no recognized capital gain (or loss) before considering her ownership in Goshawk.

Problem 1: How much of the capital loss may be deducted for the year, and how much is carried back or forward if Goshawk is:

a. A proprietorship?
b. A C corporation?

Reference no: EM132835374

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