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Discuss nature and amount of any carrybacks or carryforwards

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Reference no: EM131775024

During 2015, the Squamata Corporation, a regular C corporation, has $30,000 in ordinary income, a long-term capital loss of $20,000, and a short-term capital gain of $10,000.

a. Calculate the Squamata Corporation's tax liability for 2015.

b. Explain the nature and amount of any carrybacks or carryforwards that the corporation is entitled to use.

Reference no: EM131775024

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