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