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capital gains and Form 1120

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    #1

    capital gains and Form 1120

    not real familiar with corps, but this one is selling land that has been held for resale. Is there a capital gain deduction for corps? I can't seem to find anything, and when I fill in the form it assesses tax on the whole amount. Is this correct?
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    #2
    Yes for C Corps

    Yes, JenMo. There is no preferential capital gains rate for a C Corp. Your software should be calculating full-up tax rate for the gains.

    One of several reasons real estate should not be held in a corporation, especially a C-corp.

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      #3
      ok, that's what the software does, this is a commercial corp and land is one of their resources. Still staying in that 15% bracket. thanks

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