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Author Question: Summer Corporation has the following capital gains and losses during the current year: The tax ... (Read 72 times)

bclement10

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Question 1

Musketeer Corporation has the following income and expense items during the current year:



The allowed dividends-received deduction is
◦ $120,000.
◦ $168,000.
◦ $192,000.
◦ $240,000.

Question 2

Summer Corporation has the following capital gains and losses during the current year:



The tax result to the corporation is
◦ $6,000 NSTCG included in gross income.
◦ $6,000 NLTCG included in gross income.
◦ $10,000 NLTCG is included in gross income and $4,000 NSTCL is carried forward to the next year.
◦ $10,000 NLTCG receives long-term capital gain treatment and $4,000 NSTCL included as ordinary loss.


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Marked as best answer by bclement10 on Sep 13, 2020

leahchrapun

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bclement10

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Reply 2 on: Sep 13, 2020
Great answer, keep it coming :)


ttt030911

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Reply 3 on: Yesterday
Wow, this really help

 

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