For individuals, the deduction for capital losses is limited to the capital gains included in gross income plus
$3,000; any unused capital losses are carried forward five years.
Correct Answer:
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Q22: If business casualty losses exceed business casualty
Q23: When the basis of the taxpayer's property
Q24: Section 1245 recapture rules do not apply
Q25: Personal casualty losses are determined and considered
Q26: Section 1245 property includes depreciable machinery and
Q28: Section 1231 property includes inventory, copyrights, and
Q29: fte recapture potential as ordinary income under
Q30: Section 1245 requires that all realized gain
Q31: For the individual taxpayer, all gain recognized
Q32: Section 1250 recapture rules apply to all
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