A Taxable Entity Has the Following Capital Gains and Losses $\begin{array} { l } \text {Short-term capital loss }&\$(22,000)\\ \text {Long-term capital gain }&15,000\\\end{array}$

question 120

Multiple Choice

A taxable entity has the following capital gains and losses in 2013:
$\begin{array} { l } \text {Short-term capital loss }&\$(22,000) \\ \text {Long-term capital gain }&15,000\\\end{array}$

I
If the entity is an individual,a $3,000 deduction is allowed in 2013.
II) If the entity is a corporation,a $7,000 deduction is allowed in 2013.

• A)Only statement I is correct.
• B)Only statement II is correct.
• C)Both statements are correct.
• D)Neither statement is correct.

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