Assignment Choice #1: Corporate Taxation

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Part I: During 2013, Gain Corporation has net short-term capital gains of $15,000, net long-term capital losses of $105,000, and taxable income from other sources of $460,000.

Prior years’ transactions included the following:
2009 net short-term capital gains $40,000

2010 net long-term capital gains 18,000

2011 net short-term capital gains 25,000

2012 net long-term capital gains 20,000
How are the capital gains and losses treated on Gain’s 2013 tax return?
Determine the amount of the 2013 capital loss that is carried back to each of the previous years.
Compute the amount of capital loss carry forward, if any, and indicate the years to which the loss may be carried.
Part II: Review the following potential investments by Gain Corporation
Corporate Investment
Scenario 1
Scenario 2
Scenario 3
Income from operations
$700,000
$800,000
$900,000
Expenses from operations
($600,000)
($850,000)
($910,000)
Q

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Part I: During 2013, Gain Corporation has net short-term capital gains of $15,000, net long-termcapital losses of $105,000, and taxable income from other sources of $460,000.Prior years transactions included the following:2009 net short-term capital gains$40,0002010 net long-term capital gains18,0002011 net short-term capital gains25,0002012 net long-term capital gains20,0001. How are the capital gains and losses treated on Gorillas 2013 tax return?2. Determine the amount of the 2013 capital loss that is carried back to each of theprevious years.3. Compute the amount of capital loss carry forward, if any, and indicate the years towhich the loss may be carried.Part II: Review the following potential investments by Gain CorporationCorporate InvestmentIncome from operationsExpenses from operationsQualifying dividendsScenario 1$700,000($600,000)$100,000Scenario 2$800,000Scenario 3$900,000($850,000) ($910,000)$100,000$100,000Calculate the dividends received deductions for each independent investment scenario assuming:1. 10% ownership of the investment2. 25% ownership of the investment3. 90% ownership of the investmentRequirements:Clearly identify the requirements being addressed. Show all calculations within the cells of anExcel spreadsheet. This means that you must use formulas and links so that your thought processcan be examined. Make good use of comments to convey your thought process as well. No hardcoding of solut
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