Reference no: EM133019033
Question - During 2020, Gorilla Corporation, a calendar year C corporation, has net short-term capital gains of $15,000, net long-term capital losses of $105,000, and taxable income from other sources of $460,000. Prior years' transactions included the following:
2016 net short-term capital gains $40,000
2017 net long-term capital gains 18,000
2018 net short-term capital gains 25,000
2019 net long-term capital gains 20,000
How are the capital gains and losses treated on Gorilla's 2020 tax return?
Determine the amount of the 2020 capital loss that is carried back to each of the previous years.
Compute the amount of capital loss carryforward, if any, and indicate the years to which the loss may be carried.
If Gorilla is a sole proprietorship rather than a corporation, how would the owner report these transactions on her 2020 tax return?
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