A taxable entity has the following capital gains and losses in 2014: Short-term capital loss $22,000) Long-term capital gain 15,000 I If the entity is an individual, a $3,000 deduction is allowed in 2014. II. If the entity is a corporation, a $7,000 deduction is allowed in 2014.

Question

Quizplus · Accepted Answer

Individuals can deduct up to $3,000 of net capital losses against other income, while corporations cannot deduct capital losses against other income.

A Taxable Entity Has the Following Capital Gains and Losses