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Glenn has the following capital gains/losses for the past three years. Year 1; Capital loss=...

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Accounting

Glenn has the following capital gains/losses for the past three years. Year 1; Capital loss= $500 Year 2:Capital Loss= $500 Year 3; Capital gain= $5,500 What is Glenn's net taxable capital gain/allowable capital loss for year 3? Assume that Glenn can take advantage of his tax carry-forward. A. net allowable capital loss of $5,500 B. net allowable capital loss of $2,250 C. net taxable capital gain of $2,250 D. net taxable capital gain of $5,500

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