Not exact matches
Adding insult to injury, the puny effective tax saving to those tax - filers from the
capital gains partial inclusion (worth $ 7.50 in federal taxes at the 15 % marginal rate) was
only half the effective savings pocketed by the top 1 % tax - filers (realized at a 29 % rate) on EACH $ 100 of their
capital gains partial inclusion (which was then applied
against a
capital gains flow that was 600 times larger).
In the next year, the STCL can be set off
against any
gains from transfer of any
capital asset (Long term or Short term) and the LTCL can be set off
against gains from transfer of long term
capital asset
only.
Generally,
capital losses are
only deductible
against capital gains.
Capital losses can only be applied against capital
Capital losses can
only be applied
against capitalcapital gains.
A
gain is realized
only when the fund sells some of the underlying securities for a profit, and if the fund is holding some unused
capital losses, the
gains will be offset
against the losses, resulting in a smaller loss carried forward to future years or a smaller
gain to be be distributed to shareholders, depending on the relative sizes of the
gain and the loss.
To the extent there are any tax deductions, those deductions are applied to the ordinary income first, and
only apply
against long - term
capital gains directly once ordinary income has been reduced to zero.