Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. mario a single taxpayer had a salary of $21,000 of

Mario a single taxpayer had a salary of $21,000 of other ordinary income. He had...

50.1K

Verified Solution

Question

Accounting

Mario a single taxpayer had a salary of $21,000 of other ordinary income. He had a long term capital loss of 1400 and a short term capital loss of 1500. Capital losses from the previous years were as follow: Long term capital loss carryover(28% basket) =($2400) Short term capital loss carryover=($3200)

After deducting all possible carryovers in the current year, what are Sylvia's carryovers to the following year?

A. $1600 short term capital loss and $900 long term capital loss (28% basket).

B.0$ short term capital loss and $2500 long term capital loss (15%) basket

C. $2400 short term capital loss and $100 long term capital loss (15% basket)

D.$100 short term capital loss and $2400 long term capital loss(28% basket)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Determine the Ph 0.120 M NaClO and 4.50×10−2 M KI Express your answer using two decimal places.

Chemistry
Q

In the New York Times article, “From Prison to Ph.D.: The Redemption and Rejection of Michelle...

Psychology
Q

Prepare a 900- to 1,150-word paper in which you discuss the life span perspective of human...

Psychology
Q

Classifying Cash Flows The company provided the following information. (a)   Cash sales for the year were $50,000;...

Accounting
Q

A glass prism 1 5 is dipped in water 4 3 as shown in figure...

Physics
Q

911XZ 5X 1 and PZ 3x 1 what is XP W 10 If WY XZ...

Geometry
Q

Listen Determine the slope of the tangent line to the curve y 5x 4 40...

Calculus
Q

Madison Company earned net income of 75000 during the year ended December 31, 2016. on...

Accounting
Q

Required information [The following information applies to the questions displayed below.] The first...

Accounting
Q

Comans Corporation has two production departments, Milling and Customizing. The company uses a job-order costing...

Accounting
Q

Economics of Hedging with Futures Great Lakes Distributors buys 100,000 bushels of soybean futures at...

Accounting
Q

A two-year zero-coupon bond has a par value 100 and is priced to yield 5%...

Finance