“I have an S-corp. Estimated loss of $40,000 for 2009.I will also have $50,000 long term cap. gain on IBM stock sales.Does the $40K loss offset the $50K gain?If so, is my tax on the stock sale 15% of $10K”---->Yes. It depends on your tax bracket( as long as your marginal tax rate is over 15%). To the extent that your S corporation losses are deductible by you, they would be available to offset the capital gain income. As you have your basis in the S-corporation loss, you can take the loss on your 1040. Although your S-corporation losses and capital gains are different line items on your 1040,( losses on S-corp would go on Schedule E, and your CG are reported on 1040 Schedule D.) they’ll end up canceling each other out by the time you get down to your AGI and finally taxable income on 1040.
Please visit the website here; on CGs tax Capital gains tax in the United States - Wikipedia, the free encyclopedia