Reference no: EM132604491
Question 1: During 2019, Emerald Corporation, an S-corp., reported a long-term capital loss on the sale of land ($20,000), operating income of $109,000, and a short-term capital gain on the sale of a vehicle, $8,000. Dakota, a single owner and shareholder, may have other capital gains or losses but has no other income to report. The S-corp impacts before her other gain/loss considerations are:
Option a. LTCL $3,000, taxable income $74,200, STCG $8,000
Option b. LTCL $3,000, taxable income $95,800, STCG $8,000
Option c. LTCL $3,000, taxable income $74,200, STCG $0
Option d. LTCL $20,000, taxable income $74,200, STCG $8,000
Option e. LTCL $20,000, taxable income $95,800, STCG $8,000
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