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(Solved) (Latest ver. Aug 2020) - Ordinary, long-term and short-term capital gain and loss

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During 2002, Parrot Corporation incurs the following transactions.

Net income from operations$154,000

Long-term capital gain from sale of securities66,000
Short-term capital loss from sale of securities46,000

Parrot maintains a valid S election and does not distribute any dividends to its sole shareholder, Jamille. As a result, how much ordinary income, long-term capital gain, and short-term capital loss Jamille must recognize.

 







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This question was answered on: Sep 16, 2020

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