Reference no: EM131190602
1. JKEB Corporation incurred the following capital gains and losses in tax year 2012:
Short Term Capital Gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 20,000
Short Term Capital Loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (10,000)
Long Term Capital Gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000
Long Term Capital Loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (28,000)
2. JKEB’s prior corporate tax returns reflect the following net capital gain/ (loss):
2008 - $6,000 gain
2009—$8,000 gain
2010—($3,000) loss
2011—$1,000 gain
3. Calculate the net capital gain (loss) for 2012. How is this reported on the 2012 Form 1120?
4. Calculate the amount of capital loss carryback (if any) to tax years 2008 through 2011 inclusive.
5. Calculate the amount of capital loss carryforward (if any) to 2013. How will this loss be treated in 2013 (i.e., as a short-term or long-term capital loss)?
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