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Capital gains – legacy method

When you choose the NEXT – CAPITAL GAINS or the CAPITAL GAINS button on the Tax Calculation Step Button Menu, Mclowd will display the capital gains worksheet (as shown below) to enable you to review the taxable capital gains for the year.

Note: If you had any prior year capital losses to be offset, these should have been entered in the Fund Setup process. If they were not entered, go back to the FUND SETUP option and select PRIOR YEAR LOSSES to enter these. They will then display at row G in the Capital Gains worksheet.

Mclowd will display a message confirming the data has been saved. The taxable capital gains figure will be saved against Line A. Net Capital Gains on Section B: Income.