1. Capital loss carryover - corporation. ABC Corporation has the following capital gains and losses for year 2013. LTCG = $10,000 and STCL = $12,000. How much of the capital loss can be deducted in the year 2013? Report the amount that can be deducted. Do not indicate that it is a loss.
2. 25% (Non recaptured section 1250) gain. Wilson reports the following gains (losses) for year 2013. Wilson has a marginal tax rate of 25%. He reports a section 1250 gain from the sale of a building used in a business in the amount of $500,000. Total accumulated depreciation on the building was $200,000. No other section 1231 gains or losses were reported during the year. There is no section 1245 or 1250 recapture during the year. Nonrecaptured section 1231 losses totaling $150,000 were reported during the last five tax years. How much of the gain will be treated as 25% gain?