A non-corporate taxpayer has two transactions involving the sale of capital assets during the year. As a result of the transactions, he has a short-term capital gain of $2000 and a long-term capital loss of $6000. A corporate taxpayer has the identical transactions occur during the year. Which amount will be added or deducted from ordinary income for the non-corporate and corporate taxpayer capital gains, respectively?
>$5000 deduction, $3000 deduction
>$3000 deduction, no deduction or addition
>No deduction or addition, $3000 deduction
>$4000 deduction, $4000 deduction
The state condemns a taxpayer’s bowling alley on October 15, 2012 and in the next year compensates the taxpayer. When is the last day to replace the bowling alley with the like-kind property to qualify for non-recognition of gain treatment?
>Dec 31, 2015
>Oct 15, 2015
>Oct 15, 2016
>Dec 31, 2016