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Carrot Corporation, a C corporation, has a net short-term capital gain of $65,000 and a net long-term capital loss of $250,000 during 2017. Carrot Corporation had taxable income from other sources of $720,000. Prior years’ transactions included the following:1. Net long-term capital gain $150,0002. Net short-term capital gain 60,0003. Net short-term capital gain 45,0004. Net long-term capital gain 35,000Compute the amount of Carrot’s capital loss carryover to 2018.

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Answer:

The answer is  $45,000

Explanation:

$45,000

- Net Short Term Capital gain +Net Long Term Capital loss= 65,000+ (250,000)= -185,000

-Net Long Term Capital loss(2015)+Net Short Term Capital gain (2016)+Net Long Term Capital Gain(2017) = 60,000+45,000+35,000=140,000

-185,000+140,000= (45,000)

Answer: The amount of carryover loss to 2018 ($45,000)

Explanation:

Net long term capital gain = $150,000

Net short term capital gain = $60,000

Net short term capital gain =$45,000

Net long term capital gain = $35,000

Net short term capital gain for 2017 $65,000 - Net long term capital loss for 2017 $250,000

= 65,000 - 250,000

= (185,000)

Prior year

Net short term capital gain + Net short term capital + Net long term capital gain

= 60,000 + 45,000 + 35,000

=140,000

The amount capital loss carryover

=- 185,000 +140,000

= (45,000)

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