Phi Corporation had the following capital gains and losses for 2011 through 2013:
$\begin{array} { l }
2011&2012&2013\
\$15,000&\$(40,000)&\$10,000
\end{array}$

I. Phi can deduct a loss of $\$ 15,000$ in 2013 .
II. Phi will carry forward a $\$ 15,000$ capital loss to 2014 .
A)Only statement I is correct.
B)Only statement II is correct.
C)Both statements are correct.
D)Neither statement is correct.

Question

Phi Corporation had the following capital gains and losses for 2011 through 2013:
$\begin{array} { l  }
2011&2012&2013\
\$15,000&\$(40,000)&\$10,000
\end{array}$

I. Phi can deduct a loss of $\$ 15,000$ in 2013 .
II. Phi will carry forward a $\$ 15,000$ capital loss to 2014 .
A)Only statement I is correct.
B)Only statement II is correct.
C)Both statements are correct.
D)Neither statement is correct.

Quizplus · Accepted Answer

The Answer of Phi Corporation had the following capital gains and losses for 2011 through 2013:
$\begin{array} { l  }
2011&2012&2013\
\$15,000&\$(40,000)&\$10,000
\end{array}$

I. Phi can deduct a loss of $\$ 15,000$ in 2013 .
II. Phi will carry forward a $\$ 15,000$ capital loss to 2014 .
A)Only statement I is correct.
B)Only statement II is correct.
C)Both statements are correct.
D)Neither statement is correct.

Phi Corporation Had the Following Capital Gains and Losses for 2011