Taxpayer B has the following gains and losses from property transactions. What is the effect on the taxpayer's taxable income if Taxpayer B is (a) a corporation; (b) an individual?
$$\begin{array} { l r }
\text { Long-term capital gain } & \$ 4,000 \
\text { Long-term capital loss } & 7,000 \
\text { Section 1231 gain } & 10,000 \
\text { Section 1231 loss } & 6,000 \
\text { Short-term capital gain } & 3,000 \
\text { Short-term capital loss } & 6,000
\end{array}$$

Question

Taxpayer B has the following gains and losses from property transactions. What is the effect on the taxpayer's taxable income if Taxpayer B is (a) a corporation; (b) an individual?
 $$\begin{array} { l r } 
\text { Long-term capital gain } & \$ 4,000 \
\text { Long-term capital loss } & 7,000 \
\text { Section 1231 gain } & 10,000 \
\text { Section 1231 loss } & 6,000 \
\text { Short-term capital gain } & 3,000 \
\text { Short-term capital loss } & 6,000
\end{array}$$

Quizplus · Accepted Answer

The Answer of Taxpayer B has the following gains and losses from property transactions. What is the effect on the taxpayer's taxable income if Taxpayer B is (a) a corporation; (b) an individual?
 $$\begin{array} { l r } 
\text { Long-term capital gain } & \$ 4,000 \
\text { Long-term capital loss } & 7,000 \
\text { Section 1231 gain } & 10,000 \
\text { Section 1231 loss } & 6,000 \
\text { Short-term capital gain } & 3,000 \
\text { Short-term capital loss } & 6,000
\end{array}$$

Taxpayer B Has the Following Gains and Losses from Property