Gray, Inc., a C corporation, has taxable income from operations of $1,452,000 for 2021. It...
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Gray, Inc., a C corporation, has taxable income from operations of $1,452,000 for 2021. It also has a net long-term capital loss of $355,000 from the sale of a subsidiary's stock. The year 2021 is the first year in the last 10 years that Gray has not had at least $500,000 per year of net long-term capital gains. What is Gray's 2021 taxable income? What, if anything, can it do with any unused capital losses? If an amount is zero, enter "0". Because Gray may deduct $ of the capital losses this year, its taxable income is $ years, then carried forward for years as a Any unused loss may be carried back for against Gray's
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