A taxpayer has the following gains and losses from property transactions completed in 2011. What is the effect on the taxpayer's taxable income and income tax if the taxpayer is (a) an individual or (b) a corporation?
$$\begin{array} { l r }
\text { Long-term capital gain } & \$ 21,000 \
\text { Section 1231 gain } & 10,000 \
\text { Section 1231 loss } & 12,000 \
\text { Short-term capital gain } & 3,000 \
\text { Short-term capital loss } & 18,000
\end{array}$$

Question

A taxpayer has the following gains and losses from property transactions completed in 2011. What is the effect on the taxpayer's taxable income and income tax if the taxpayer is (a) an individual or (b) a corporation?
 $$\begin{array} { l r } 
\text { Long-term capital gain } & \$ 21,000 \
\text { Section 1231 gain } & 10,000 \
\text { Section 1231 loss } & 12,000 \
\text { Short-term capital gain } & 3,000 \
\text { Short-term capital loss } & 18,000
\end{array}$$

Quizplus · Accepted Answer

The Answer of A taxpayer has the following gains and losses from property transactions completed in 2011. What is the effect on the taxpayer's taxable income and income tax if the taxpayer is (a) an individual or (b) a corporation?
 $$\begin{array} { l r } 
\text { Long-term capital gain } & \$ 21,000 \
\text { Section 1231 gain } & 10,000 \
\text { Section 1231 loss } & 12,000 \
\text { Short-term capital gain } & 3,000 \
\text { Short-term capital loss } & 18,000
\end{array}$$

A Taxpayer Has the Following Gains and Losses from Property