Posted on 10/01/2016 6:45:21 PM PDT by M. Thatcher
From 2015 Instructions for Schedule D (Form 1120) Jan 5 2016:
Capital Losses
For a corporation, capital losses are allowed in the current tax year only to the extent of capital gains. A net capital loss is carried back 3 years and forward up to 5 years as a short-term capital loss. Carry back a capital loss to the extent it does not increase or produce a net operating loss in the tax year to which it is carried. Foreign expropriation capital losses cannot be carried back, but are carried forward up to 10 years. A net capital loss of a regulated investment company (RIC) incurred in tax years beginning before December
23, 2010, is carried forward up to 8 years. There is no limit on the number of tax years a RIC is allowed to carryover a net capital loss incurred in tax years beginning after December 22, 2010.
As a CPA I would never recommend that Trump release his returns. I would use it to his advantage by pointing out how the Democrats used the IRS to block the Tea party Groups, point out how Hillary had private FBI files in the White House, and accuse the Clinton of using the IRS against their political enemies in the 1990’s.
Lest We Forget – Hillary’s $100K Cattle Scam
The story intensified in April 1994, when the first couple was forced to pay an additional $14,615 in back taxes and interest after it was learned that the first lady had made more money on commodity trades than had been revealed to the public or to the IRS. Hillary cheated on her taxes!!!!!
Hillary’s cattle futures were purchased through Robert L. “Red” Bone of the brokerage firm of Refco, Inc. It was Jim Blair who had put her in touch with Bone—who had previously worked for Tyson for more than a decade. Bone was an inveterate gambler, a high-profile, high-stakes poker player well known to the pit bosses of Las Vegas. He was a gambler at the office as well. The year before, Bone’s sharp practices had led the Chicago Mercantile Exchange to accuse him of allocating trades to investors after determining the winners and losers, a practice known as “straddling.” Bone was punished by having his license to trade pulled for one year.40
The deal was arranged in the following way. All Hillary had to do was put $1,000 of her own money into a block of cattle futures at a time when her husband, then the attorney general, had a thirty point lead for the governorship. How did Hillary make out?
From her initial investment of $1,000, she came away with $99,537. Among the community of experts, there is general agreement that between 75 percent and 90 percent of commodity players lose. And no one turns $1,000 into $100,000. “
No. The document the Times links to looks like whatever tax return you fill out to pay New York City or New York State taxes. It isn't a federal return.
When a life long politician who has made millons without being in any business evades taxes it’s and oversite
They didn't. Read the story. It links to a New York tax return, state or city I'm not sure which.
Trying to make a story out of what businesses do every year is the real gist of this "story"....
Someone else posted the limit for corporation losses.
On a personal return, there's no time limit on carry-forward losses. But, you can only offset capital losses without restriction.
You can only offset $3,000 of income with a capital loss, each tax year.
Now the dimocrats have a real problem on their hands!
Hypocritically the democrats will claim that because this was 20 years ago, it doesn’t have any bearing now, but they happily ambushed Trump over allegedly calling a beauty contestant names 20 years ago!
So there is a specific law for tax returns that when published in this manner the law states the fine is 5,000 dollars and or 5 years in jail. They now have multiple members of the times that are guilty of 3 counts. May Trump bring them down.
If Sharpton was running for president and his failure to pay taxes was brought up you lefties would just cry racism!!!
Anyone with a brain knows two things. Tax Loss carry forward” and we don’t pay taxes because of altruism. We pay because they will put us in jail if we don’t. This is such a non story it defies the imagination.
Here is a story for the New Your Times that has criminal consequences. Hillary repeatedly and intentionally exposed TOP SECRETS of the the United State to unclassified servers. She literally ,after receiving Congressional Subpoena destroyed government documents ( 30,000 emails) with acid!! and lied about it. She lied about Benghazi— just flat out lied— why? She viciously attacked raped and sexually abuse women her husband had attacked!! and The NYT wants to talk about a 31 year old “LOSS CARRY FORWARD”? They must be desterat1. very desperate. GO TRUMP!! WE are winning and the NYT just helped us with this nonsense!!
Agreed. It’s a good thing I don’t drink!
Notice Hillary had this info at the debate....before the NY Times. Perhaps they sent Sandy Burglar to the IRS.
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