A Taxable Entity Has the Following Capital Gains and Losses $\begin{array}{lr}\text { Short-term capital loss } & \$(20,000) \\\text { Long-term capital gain } & 13,000\end{array}$

question 84

Multiple Choice

A taxable entity has the following capital gains and losses in 2018:
?
$\begin{array}{lr}\text { Short-term capital loss } & \$(20,000) \\\text { Long-term capital gain } & 13,000\end{array}$

I.If the entity is an individual, $a \$ 7,000$ deduction is all owed in 2018 .
II.If the entity is a corporation, no deduction is allowed in 2018.

• 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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