Ostrich,a C Corporation,has a Net Short-Term Capital Gain of $20,000

question 83

Essay

Ostrich,a C corporation,has a net short-term capital gain of $20,000 and a net long-term capital loss of $90,000 during 2015.Ostrich also has taxable income from other sources of $1 million.Prior years' transactions included the following: 2011 net short-term capital gains $20,000 2012 net long-term capital gains 15,000 2013 net short-term capital gains 25,000 2014 net long-term capital gains 5,000 ​
a.How are the capital gains and losses treated on Ostrich's 2015 tax return?
b.​
Determine the amount of the 2015 net capital loss that is carried back to each of the previous years.
c.​
Compute the amount of capital loss carryover,if any,and indicate the years to which the loss may be carried.
d.​
If Ostrich were a proprietorship,how would Ellen,the owner,report these transactions on her 2015 tax return?

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Definitions:

Average Number

The value found by adding all the numbers in a set together and then dividing by the count of those numbers, often used in statistical analysis.

At-bats

A statistical count in baseball that represents the number of times a player gets in position to bat, excluding walks, sacrifices, and certain other situations.

Probability

The measure of how likely an event is to occur, expressed as a number between 0 and 1, where 0 indicates impossibility and 1 indicates certainty.

30 Simulation Runs

Refers to executing a simulation model 30 times to assess variability or estimate the reliability of the simulation results.