Since there is no favorable capital gains rates for C corps, is there also no $3000 ceiling on capital losses??
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The ceiling is zero isn't it? Corps can only offset capital losses against net capital gains going back 3 years and forward a max of 5 years. After that, they evaporate."The only function of economic forecasting is to make astrology look respectful" - John Kenneth Galbraith -
Am I Going Nuts?
Geez - I've known this for years. Am I losing my mind? The wheels are coming off!!
Anyone else ever have this happen to them?Last edited by Snaggletooth; 11-09-2009, 10:35 PM.Comment
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Funny Part About Corps and Cap Losses
I once attended a seminar (which of course the sponsors hoped would be the first of many I took from them) in which I was told that the thing to do was create a Corp (the guy didn't know that there is more than one kind) to own one's investments so that one could avoid individual income tax on gains that remained in the Corp. I challenged him on the issue of losses and he said that if I followed the system properly there would be no year in which my net profit was less than 20% of my capital. I didn't know that much about investing but the obviously unfortunate tax advice dissuaded me from taking more courses with them even though I was persuaded that it is possible for anyone who has 60K or more to support himself on profit available from trading stocks on a short term basis.
And no Snags you are not losing your mind. You forgot something basic as I would imagine every reader of this board has done and in this case you had the presence of mind to ask a question and get an answer instead of hurting a client with your mistaken thinking.Last edited by erchess; 11-10-2009, 02:12 AM.Comment
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All the time.Originally posted by Snaggletooth View Post
I had to look it up before posting, just to be sure I wasn't missing anything...."The only function of economic forecasting is to make astrology look respectful" - John Kenneth GalbraithComment
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It's scary to be confronted with things like this BUT sometimes it's a blessing to loose ones mind and not a curse. I am always thankful though if the mistake is brought to my attention before making a "stupid" mistake.Originally posted by Snaggletooth View PostComment
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Of all the things I've lost, I miss my mind the most.Comment
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