Summer Corporation Has the Following Capital Gains and Losses During

question 62

Multiple Choice

Summer Corporation has the following capital gains and losses during the current year: $$\begin{array} {| l | r |} \hline \text { LTCG: } & \$ 25,000 \\\hline \text { LTCL: } & 15,000 \\\hline \text { STCG: } & 4,000 \\\hline \text { STCL: } & 8,000 \\\hline\end{array}$$ The tax result to the corporation is

• A)$6,000 NSTCG included in gross income.
• B)$6,000 NLTCG included in gross income.
• C)$10,000 NLTCG is included in gross income and $4,000 NSTCL is carried forward to the next year.
• D)$10,000 NLTCG receives long-term capital gain treatment and $4,000 NSTCL included as ordinary loss.

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