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

question 100

Multiple Choice

A taxable entity has the following capital gains and losses in 2018:
?
$\begin{array}{lr}\text { Short-term capital loss } & \$(22,000) \\\text { Long-term capital gain } & 15,000\end{array}$

I.If the entity is an individual, a $\$ 3,000$ deduction is allowed in 2018 .
II. If the entity is a corporation, a $\$ 7,000$ 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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Definitions:

Repeating

The act of saying, writing, or doing something again, often for emphasis or to ensure understanding.

Short-term Memories

Refers to the part of the memory system that holds information for a brief period, typically seconds to minutes.

Prefrontal Lobes

The front part of the frontal lobes of the brain, implicated in a variety of complex behaviors, including planning, and greatly contributes to personality development.

Occipital Lobe

The region of the brain located at the back of the head, responsible for processing visual information from the eyes.