Capital losses incurred by a married couple filing a joint return
a) Are not allowable losses.
b) May be carried forward up to a maximum of 5 years.
c) Will be allowed to the extent of capital gains, plus up to $3,000 of ordinary income.
d) Will be allowed only to the extent of capital gains.
Ans: c) Will be allowed to the extent of capital gains, plus up to $3,000 of ordinary income.
Business
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The law requires that the proceeds from a home equity loan be used only for the renovation of a single family dwelling
Indicate whether the statement is true or false.
Business
Which of the following does not appear in the production report?
A) costs transferred from prior departments B) costs added in the department C) physical units passing through the department D) retail value of the units produced
Business