4940(c)(4)(C) provides that capital losses
from sales or other dispositions of property are allowed, but only to the extent of capital gains, without carryovers.
Aetna (NYSE: AET) today announced that fourth-quarter 2008 operating earnings per share,(1) which exclude net realized capital losses
and other items, increased 9 percent to $0.
The procedure also expands NOL carryback rules to cover capital losses
generated in the short period that resulted fom the change, and extends the period for filing Form 1128 to the due date of the taxpayer's Federal return (including extensions) for the first effective year.
In addition, Fitch believes operating earnings will remain strong and will contribute to the maintenance of a very strong capital position in 2005, driven by very low overall operating expenses, moderate growth in assets under management, and more normalized investment performance due to declining credit-related capital losses
in its investment portfolio.
The primary factor to consider will be the existence of capital losses
that are carried forward.
Other Items Affecting Income Statement Presentation - This category includes transactions and entries that had the principal effect of improperly recharacterizing underwriting losses as capital losses
In Exhibit 2, a net short-term capital loss is now combined with losses on collectibles and long-term capital losses
"carried" to be offset against collectibles gains and small business stock gains, rather than against net long-term capital gains.
Resulting capital losses
will offset against capital gains earned earlier in the year," said Mary Thomas, an estate and financial planning advisor at City National.
In a given tax year, a member of the combined group must first apply any capital loss to its capital gains; any remaining capital loss must then be aggregated with the capital gains and capital losses
of the other group members.
Zino said that Tri-Continental would not distribute a capital gain this December because the Corporation continues to have a tax loss carryforward from net realized capital losses
incurred during the severe market downturn of 2000-2002.
Seeking ways to generate capital losses
to offset the anticipated capital gain, Allied formed a partnership with the Netherlands Antilles subsidiaries of ABN, a Dutch bank not subject to U.
statutory basis, Aviva and its subsidiary have posted losses in recent years due to the growth in new individual and group annuities since 2000, along with capital losses
and reserve strengthening during that period.
For example, if you have $10,000 of net capital losses
and you are a single taxpayer, then you deduct $3,000 of your capital losses
against your other income (which produces a tax benefit this year).
In addition, taxpayers generally can deduct up to $3,000 worth of net capital losses
on their annual tax returns.
Under the Regulated Investment Company Modernization Act of 2010, this tax effect attributable to the Fund's capital loss carryovers (the conversion of nontaxable returns of capital into distributions taxable as ordinary income) will no longer apply to net capital losses
of the Fund arising in Fund tax years beginning after Nov.