[userone]

When a corporation has unused net capital loss that is carried back or carried forward to another tax year, what will happen:

a) retains its original identity as short-term or long-term

b) treat as STCL when or not it was ST when sustained

c) treated as LTCL whether or not it was LT when sustained

d) used to offset ordinary income up to the amount of the carry back or carryover – not this one coz this is only apply to individual taxpayer

[spartancpa15]

I believe the answer is b, a net capital loss carryover for a corporation is always treated as short-term.

FAR - Aug '14 - 90
AUD - Jan '15 - 91
REG - May '15 - 93
BEC - July '15 - 85

Used CPAexcel exclusively
Master of Science in Accounting (focus in Tax) May '15

[sdguy]

I also think it's B. Once you carry back or forward, becomes short term. You don't have the answer key?

AUD: 83
FAR: 77
REG: 86
BEC: 86

[Last Chance CPA]

Corp CB/CF 3/5 STLC

Ind LTCL/STCL

FAR - 76
AUD - 75
BEC - 75
REG - 76

Now I need some experience!!! And some networking...

[Author]

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