Solved: What is the effect on lakesides and randals 2016 taxable, Accounting Basics

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What is the effect on lakesides and randals 2016 taxable

Question - Lakeside Corporation haws total capital gains of $18,000 and total capital losses of $35,000 in 2016. Randal owns 25% of Lakeside's outstanding stock.

What is the effect on Lakeside's and Randal's 2016 taxable income if:

a. Lakeside is a corporation? Explain how Lakeside and Randal would treat the capital gains and losses.

b. Lakeside is an S corporation? Explain how lakeside and Randal would treat the capital gains and losses.

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Accounting Basics: What is the effect on lakesides and randals 2016 taxable

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Accounting Basics: What is the effect on lakesides and randals 2016 taxable

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