In the current year,ABC Corporation had the following items of income,expense,gains,and losses: What is taxable income for the year?

Question

In the current year,ABC Corporation had the following items of income,expense,gains,and losses:  What is taxable income for the year?

Quizplus · Accepted Answer

C)Corporations cannot offset net capital losses against ordinary income.($500,000 - $270,000 - $100,000 + $14,000 = $144,000).$6,000 of the loss offsets $6,000 of the gain.The remaining loss of $9,000 may be carried back three years and forward five years.

In the Current Year,ABC Corporation Had the Following Items of Income,expense,gains,and