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Question: In 2012, Bronze Company had operating profit of $75,000 ($125,000 operating income - $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 2012, and how much is carried back or forward under the following circumstances?

a. Bronze Company is a proprietorship owned by Kenneth, and he had no other property transactions in 2012.

b. Bronze Company is a C corporation.

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Accounting Basics, Accounting

Category:- Accounting Basics
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