How much of the RetrieverCo capital loss carryover

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Problem - Through a "Type B" reorganization, Golden Corporation acquired 90% of RetrieverCo stock by October 2 of the current tax year ending December 31. At the time the 90% was acquired, RetrieverCo was worth $800,000 and the Federal long-term tax-exempt rate was 3%. RetrieverCo holds capital loss carryovers of $50,000. If Golden reports taxable income of $300,000, which includes $30,000 capital gains, how much of the RetrieverCo capital loss carryover may Golden use in the current year to offset its income?

Reference no: EM132647014

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