2.05 Charitable Contributions; Capital Gains/Losses

Question 1

All capital loss carrybacks and carryforwards are considered ____________

Answer 1

Short-Term

Question 2

Capital Losses are not deductible in a corporation.

Answer 2

Capital losses for corporations may only offset capital gains. - No net capital loss

Question 3

All itemized deductions are subject to phase-outs for taxpayers with adjusted gross incomes exceeding certain thresholds except for ________, __________, _________, and ________________.

Answer 3

casualty losses, gambling losses, investment interest, and medical expenses.