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What are the tax consequences of these transactions

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Reference no: EM132673428

Problem - Garnet incurs the following capital asset transactions during the year.

Long-term capital gain $8,000

Short-term capital gain 3,000

Further, Garnet has an excess capital loss carryforward of $6,000 from last year.

Required -

a. What are the tax consequences of these transactions if the $6,000 loss is long term and Garnet is an individual? Garnet is a C corporation?

b. What are the tax consequences of these transactions if the $6,000 loss is short term and Garnet is an individual? Garnet is a C corporation?

Reference no: EM132673428

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