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| In 2012 Studley Corporation, not a dealer in securities, realized taxable income of $80,000 from the operation of its business. Additionally in 2012, Studley realized a long-term capital loss of $12,000 from the sale of marketable securities. Studley had not realized any other capital gains or losses since it began operations. What is the proper treatment for the $12,000 long-term capital loss in Studley’s income tax return? A. Use $12,000 of the long-term capital loss to reduce taxable income by $6,000 for 2012. B. Carry the $12,000 long-term capital loss forward 5 years, treating it as a short-term capital loss. C. Use $6,000 of the loss to reduce taxable income by $3,000 for 2012, and carry $6,000 of the long-term capital loss forward 5 years. D. Use $3,000 of the loss to reduce taxable income for 2012, and carry $9,000 of the long-term capital loss forward 5 years. |