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: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Finance
1.2K views

Explain briefly how each of the following transactions would affect a company’s balance sheet. Remember, assets...

Accounting
1.2K views

Compare the company’s profitability using company GAAP and U.S. GAAP

Chemistry
1.2K views

For the following reaction, Keq is 0.00183 at 390. K: PCl5(g) PCl3(g) + Cl2(g) If 2.89...

Physics
1.2K views

A neutron combines with a carbon nucleas in an elastic collision. The carbon is at rest...

Accounting
1.2K views

Wayne has a beginning basis in a partnership of $46,000. His share of income and expense...

Calculus
1.2K views

y = log? (log?x)The slope of the tangent line to the given curve at its...

Calculus
1.2K views

Which of the following graphs is consistent with the differential equation dy dz 2 O...

Accounting
1.2K views

P4.3A (LO 1,2), AN Writing Shaker Stairs Co. designs and builds factory-made premium...

Accounting
1.2K views

Net Present Value Method for a...

Finance
1.2K views

It is 31 January 2020 and the managers of ABC Plc. are considering a change...

Finance
1.2K views

Question 25 1 pts Acurrency speculator expects the spot rate of EUR to change from...

Accounting
1.2K views

****** Scenario 2: Self-Employed Retirement Plan Options Sole Proprietorship...