Let's say an Individual LLC lost 5K USD from trading stocks, but made 7K USD somewhere else and had an operating expenses of 2K USD at the end of the year. Can the LLC deduct all 5K USD captial loss from 7K revenue, so that it would end up making 0 USD (7K-5K-2K=0K USD)?
2007-03-21 07:30:01 · 2 answers · asked by Marvin E 1 in Business & Finance ➔ Taxes ➔ United States
Capital losses offset capital gains first. If there is any remainder, up to $3,000 can be used to offset other income. Anything above $3,000 must be carried forward to future tax years. Same as an indivudual taxpayer, expecially since the LLC's income etc passes directly to the Form 1040 schedules.
2007-03-21 07:37:08 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Charities are a greater useful thank you to help human beings than the federal government in lots of techniques. Charities help loose wellbeing clinics everywhere in the country besides as hospitals inclusive of St Jude's for toddlers. i don't think of liberals have any concept how a lot companies donate besides. huge quantities of funds. The tax deduction is in simple terms an incentive and charities do help the country and relieve the tax payer of the added burden. comparable with church homes. hence there's a faith based Initiative software with the federal government to help with social issues and the undesirable. There could be a tax deduction because of the fact donations to charities do help society. Deductions for charities are actually not constrained to the prosperous.
2016-12-19 10:49:38 · answer #2 · answered by schulman 4 · 0⤊ 0⤋