Goose Corporation, a C corporation, incurs a net capital loss of $12,000 for 2016. It also has ordinary income of $10,000 in 2016. Goose had net capital gains of $2, 500 in 2012 and $5,000 in 2015. Determine the amount, if any, of the net capital loss of $12,000 that is deduct ible in 2016. Determine the amount, if any, of the net capital loss of $12,000 that is carried forward to 2017

Respuesta :

Answer:

Amount carried forward = $7000

Explanation:

Given:

net capital loss of $12,000

ordinary income of $10,000

had net capital gains of $5,000

Net capital loss carried forward= ?

Computation of net capital loss carried forward:

Net capital loss carried forward= $12,000 - $5,000

Net capital loss carried forward= $7,000

Note: $2,500 not carried forward