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Determine the amount of the net capital loss

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Problem - Goose Corporation, a C corporation, incurs a net capital loss of $12,000 for 2019. It also has ordinary income of $10,000 in 2019. Goose had net capital gains of $2,500 in 2015 and $5,000 in 2018.

Required -

a. Determine the amount, if any, of the net capital loss of $12,000 that is deductible in 2019.

b. Determine the amount, if any, of the net capital loss of $12,000 that is carried forward to 2020.

Reference no: EM132644274

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