The federal long-term tax-exempt rate

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Through a “Type B” reorganization, Golden Corporation acquired 90% of Retriever Co stock by October 2 of the current tax year ending December 31. At the time the 90% was acquired, Retriever Co was worth $800,000 and the Federal long-term tax-exempt rate was 3%. Retriever Co 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 Retriever Co capital loss carryover may Golden use in the current year to offset its income?

Reference no: EM13753485

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