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:

Work in Process

Products that are in the middle of the production process but are not yet finished.

Material Price Variance

The difference between the actual cost of materials and the standard cost multiplied by the quantity purchased.

Labour Efficiency

The measure of the amount of work achieved by a workforce compared to the effort put in.

Material Quantity

The amount of raw materials or supplies used in the production of goods, often monitored to control costs and ensure efficient resource use.