a. How much of the losses incurred on the two stock sales can Jack and Jill deduct this year, assuming they do not have capital gains in the current or prior years? b. Assuming they did not engage in any other property transactions this year, how much of a net capital loss will carry over to next year for Jack and Jill? c. What would be the tax treatment for the losses if Jack and Jill reported only $69,500 of taxable income this year, excluding the securities transactions?
net operating loss:
capital loss carryforward: