(Answered) Question - in 2011 bronze company had operating profit of

Accounting

Question - In 2011, Bronze Company had operating profit of $75,000 ($125,000 operating income less $50,000 operating expenses). In addition, Bronze had a short term capital gain of $16,000 and a long term capital loss of $31,000. How much of the long term capital loss may be deducted in 2011 and how much is carried back or forward under the following circumstances:

1. Bronze Company is a proprietorship owned by Kenneth and he had no other property transactions in 2011.

2. Bronze company is a C corporation.

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