Determine the amount of net capital loss carried back to, Ask an Expert

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Lass Corporation reports a $25,000 net capital loss this year. The corporation reports the following net capital gains during the past three years. Year Net Long-Term Capital Gain Net Short-Term Capital GainThird previous yearYear before lastLast year $5,000 7,000 -0- $6,000 3,000 -0- Determine the amount of net capital loss carried back to each preceding tax year and the amount of capital loss, if any, available as a carryforward.

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Accounting Basics, Accounting

Category:- Accounting Basics
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