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What is garys taxable income

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Question Problem 1: Gray, Inc. a C corporation, has taxable income from operations of $1,452,000 for 2018. It also has a net long-term capital loss of $355,000 from the sale of a subsidiary's stock. The year 2018 is the first year in the last 10 years that Gray has not had at least $500,000 per year of net long-term capital gains. What is Gary's 2018 taxable income? What, if anything, can it do with any unused capital losses?

Reference no: EM132463204

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