For each of the following cases, determine the amount of capital gain or loss to report in each year (after taking into account anyapplicable carrybacks) and the capital loss carryforward to 2022, if any.Capital gain or loss for year indicated2018CorporationA20162017B$ 4,8006,600$ 6,6903,160$ (10,100)2019$ 8,620C6,55012,8503,550(3,650)4,1502020$ 6,800(25,130)2021$ (1,970)2,7702,710(57,150)9,6503,77012,200(26,980)11,40010,5002,630Assume that 2016 is the first year of operation for each corporation.Note: Do not leave cells blank, enter "O" if there is no effect.Reported capital gainsCorporation201620172018201920202021ABCDCarried forwardcapital losses2022

The table shows the amount of capital gains or loss to report in each year (after taking into…

Answered: For each of the following cases,…

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter14: Property Transactions: Capital Gains And Losses, § 1231, And Recapture Provisions

Section: Chapter Questions

Problem 30CE

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For each of the following cases, determine the amount of capital gain or loss to report in each year (after taking into account any applicable carrybacks) and the capital loss carryforward to 2019, if any. Capital gain or loss for year indicated Corporation 2013 2014 2015 2016 2017 2018 4,700 $11,600 $(14,550) $ 7,000 $ 4,950 $(1,450) 3,870 3,010 6,290 11,550 (61,490) 9,350 8,550 4,950 (3,040) 2,970 3,340 15,00е (26,810) (24,600) 8, 200 11,150 2,680 2,250 Assume that 2013 is the first year of operation for each corporation. (Do not leave cells blank, enter "0" if there is no effect.) Carried forward capital losses Reported capital gains Corporation 2013 2014 2015 2016 2017 2018 2019 A B C
What amount was recognized as actuarial gain on PBO during the year? 100 000 200 000 240 000 0 What is the benefit expense for 2019? 500 000 795 000 295 000 195 000
How much is the gross income under accrual basis? * A. 2019:P1,400,000; 2020: P1,200,000 B. 2019: P1,400,000; 2020: P1,720,000 C. 2019: P500,000; 2020: P720,000 D. 2019: P800,000; 2020: P920,000
! Required information Problem 7-45 (LO 7-2) (Algo) [The following information applies to the questions displayed below.] Matt and Meg Comer are married and file a joint tax return. They do not have any children. Matt works as a history professor at a local university and earns a salary of $69,600. Meg works part time at the same university. She earns $33,800 a year. The couple does not itemize deductions. Other than salary, the Comers' only other source of income is from the disposition of various capital assets (mostly stocks). (Use the tax rate schedules, Dividends and Capital Gains Tax Rates.) Note: Round your final answers to the nearest whole dollar amount. Problem 7-45 Part-a (Algo) a. What is the Comers' tax liability for 2022 if they report the following capital gains and losses for the year? $ 9,800 (2,400) Short-term capital gains Short-term capital losses Long-term capital gains Long-term capital losses 15,800 (6,400) Total tax liability
What is the taxable income for the year 2020? A. P25,000 B. P75,000 C. P280,620 D. P300,000
Current Attempt in Progress The pretax financial income (or loss) figures for Larkspur Company are as follows. 2022 $82,000 2023 (47,000) 2024 (42,000) 2025 128,000 2026 105,000 Pretax financial income (or loss) and taxable income (loss) were the same for all years involved. Assume a 20% tax rate for all years. Prepare the journal entries for the years 2022 to 2026 to record income tax expense and the effects of the net operating loss carryforwards. All income and losses relate to normal operations. (In recording the benefits of a loss carryforward, assume that no valuation account is deemed necessary.) (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.)
The unadjusted net income for the year 2019 is: A. P1,540,200B. P1,458,200C. P1,482,200D. P1,421,000
Accounting 1. Sally has the following for 2021: a $12,000 § 1245 gain a $38,000 § 1231 gain a $36,000 § 1231 loss a $2,000 § 1231 lookback loss a $18,000 long-term capital gain a $3,500 long-term capital loss. a. Determine her ordinary gain or loss amount for 2021. Enter an absolute amount. b. Determine her LTCG or LTCL amount for 2021. Enter an absolute amount. 23. Molly exchanges a rental building, which has an adjusted basis of $625,000, and FMV of $715,000 for another rental house which has a fair market value of $565,000. She also receives $150,000 in cash. What is the recognized gain or loss the new rental house?
Tammy had the following aggregate results from her 2019 investing activity: STCG $300,000 LTCG $450,000 STCL -$260,000 LTCL -$390,000 After the capital gain and loss netting procedure listed below 1.Classify as short-term or long-term based on holding period: •Short-termheld less than 12 months •Long-term held longer than 12 months 2. Net short-term and long-term gains and losses to obtain a net short-term and a net long-term position for the year. Collectibles gains and losses, gains on qualified small businessstock, and unrecaptured Section 1250 gains are treated as long-term gains and losses inthe netting procedure. Short-term capital gain $ XX Short-term capital loss (XX) Net short-term gain (loss) Short-term capital gain or loss Long-term capital gain $ XX Long-term capital loss (XX) Net long-term gain (loss) Long-term capital gain or loss 3.If long-term…
Using accrual basis, how much is the reportable gross income in 2021? A. 8,000,000B. 9,000,000C. 11,000,000D. 12,000,000
Suppose your firm had the following taxable income amounts: 2018 ($2 million) operating loss 2019 ($2 million) operating loss 2020 ($2 million) operating loss 2021 $10 million After you "carry forward" the operating losses, what is the effective taxable income for 2021? $0 $1 million. $3 million O $4 million O $2 million
The pretax financial income (or loss) figures for Metlock Company are as follows. 2022 $77,000 2023 (49,000) 2024 (44,000) 2025 125,000 2026 95,000 Pretax financial income (or loss) and taxable income (loss) were the same for all years involved. Assume a 20% tax rate for all years. Prepare the journal entries for the years 2022 to 2026 to record income tax expense and the effects of the net operating loss carryforwards. All income and losses relate to normal opèrations. (In recording the benefits of a loss carryforward, assume that no valuation account is deemed necessary.) (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.)

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