Capital Cains and Losses. First Corporation, in its fifth year of operations, realizes the following


Capital Cains and Losses. Leading Corporation, in its fifth year of operations, realizes the forthcoming capita l moulds and damagees in the ordinary year:

Taxable allowance (restricted of the chief moulds and damagees) is $60,000.

a. What is First's net chief mould or damage?

b. What is First's taxable allowance for the ordinary year?

c. Assuming that the moulds and damagees reputed in the ordinary year are the leading chief moulds and damagees continually reputed by the strengthening and then that the strengthening had reputed an debauchery of chief gains aggravate chief damagees in its previous tax years, expound the tax texture of any unused capita l damagees