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Calculate taxable income and taxable income

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Reference no: EM133258386

Tru-Putt Inc. (an accrual basis corporation) reported the following for its 2022 tax year ending December 31, 2022 (a full twelve-month year). Tru-Putt is in the business of manufacturing golf putters All manufacturing equipment is leased by the corporation.

The following information should be used to calculate Tru-Putt's taxable income for 2022.

Operating net income before the following property transactions and cost recovery deductions $625,000

Other information:

• 2022 charitable contribution $63,000

• Short-term capital loss carryforward 2016 $125,000

• Short-term capital loss carryforward 2020 $175,000

• Charitable deduction carryforward 2021 $8,000

• Net operating loss carryforward 2019 $475,000

• Unrecaptured §1231 losses from the 5 prior years $48,000

Calculate Taxable Income and Taxable Income for the charitable contribution limit.

Calculate the gain/loss realized and recognized for the following property transactions and the cost recovery deductions.

Calculate the net Section 1231 gain or loss

Calculate the net long-term or short-term capital gain or loss

Use Internal Revenue Code citations to support your answers and describe any limitations.

Reference no: EM133258386

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