Reference no: EM132686561
Problem 1: Dallas Corporation, not a dealer in securities, realizes taxable income of $60,000 from the operation of its business. Additionally, in the same year, Dallas realizes a long-term capital loss of $10,000 from the sale of marketable securities. If the corporation realizes no other capital gains or losses, what is the proper treatment for the $10,000 long-term capital loss on the tax return?
Group of answer choices
Option 1: Use $3,000 of the loss to reduce taxable income and carry $7,000 of the long-term capital loss forward for five years.
Option 2: Use $10,000 of the long-term capital loss to reduce taxable income.
Option 3: Use $6,000 of the loss to reduce taxable income and carry $4,000 of the long-term capital loss forward for five years.
Option 4: Carry the $10,000 long-term capital loss back three years as a short-term capital loss, then forward five years.
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