Lass Corporation Reports a $25,000 Net Capital Loss This Year

question 43

Essay

Lass Corporation reports a $25,000 net capital loss this year. The corporation reports the following net capital gains during the past three years.
$$\begin{array} { | l | c | c | } \hline { \text { Year } } & \begin{array} { c } \text { Net Long-Term } \\\text { Capital Gain }\end{array} & \begin{array} { c } \text { Net Short-Term } \\\text { Capital Gain }\end{array} \\\hline \text { Third previous year } & \$ 5,000 & \$ 6,000 \\\text { Year before last } & 7,000 & 3,000 \\\text { Last year } & 0 & 0 \\\hline\end{array}$$ Determine the amount of net capital loss carried back to each preceding tax year and the amount of capital loss, if any, available as a carryforward.

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Definitions:

Discrimination

Discrimination is the unjust or prejudicial treatment of individuals, often based on characteristics such as race, age, sex, or sexual orientation.

Sexual Satisfaction

A state of fulfillment achieved from sexual activity, impacting physical, emotional, and relational aspects of one's well-being.

Marriage

A socially or ritually recognized union between two people establishing rights and obligations between them.

Extramarital Relationships

Romantic or sexual relationships that occur outside of one's marriage.