If a Corporation Is Unable to Deduct a Capital Loss

question 59

True/False

If a corporation is unable to deduct a capital loss against capital gains for a particular tax year, it loses the tax benefit since the loss may not be carried to other tax years.

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Definitions:

Illuminated Manuscripts

Handwritten books that are embellished with gold, silver, and colorful illustrations, commonly produced in medieval Europe.

Westwork

The facade and towers at the western end (Westwerk) of a medieval church, principally in Germany. In contemporaneous documents, the westwork is called a castellum (Latin, “castle” or “fortress”) or turris (“tower”).

Monumental Facade

A large and impressive front face or exterior of a building, often decorated or elaborately designed.

Equestrian Portrait

A genre of portraiture where the subject is depicted riding a horse, often associated with nobility and military leaders.