What is the deadline by which a corporation must file it's taxreturn
What is the deadline by which a corporation must file it's taxreturn
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John (a sole proprietor) and Eagle Corporation (a C corporation)each recognize a long-term capital gain of $10,000 and a short-termcapital loss of $18,000 on the sale of capital assets. Neithertaxpayer had any other property transactions during the year.
a. Regarding John's gains and losses, labeleach of the following as "True" a tax consequence or "False" not atax consequence.
1. John reports the capital transactions on his individual taxreturn and deducts a $18,000 net capital loss in the currentyear.
2. John reports the capital transactions on his individual taxreturn but is limited to a $3,000 net capital loss deduction in thecurrent year.
3. John nets the $10,000 LTCG against the $18,000 STCL.
Regarding Eagle Corporation's gains and losses, label each ofthe following as "True" a tax consequence or "False" not a taxconsequence.
1.
| Eagle Corporation nets the $10,000 LTCG against the $18,000STCL, resulting in a $8,000 net capital loss. 2.
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