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Chairs-R-Us, Inc. reported a net capital loss of $25,000 in year 4. It reported net capital gains of $10,000 in year 3 (before any capital loss carryback) and $20,000 of net capital gains in year 5 (before any capital loss carryovers). What is the amount and nature of the book-tax difference in year 5 related to the net capital loss carryover?

Respuesta :

Answer:

$ 15,000 favorable

Explanation:

Of the year the loss of $ 25,000 of year 4, Chairs-R-Us, Inc. compensates $ 10,000 of it with what the company had earned in year 3.

The remaining balance of the loss of year 4 ($ 15,000) is deduced for tax purposes in year 5.

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