During 2014, Gorilla Corporation has net short-term capital gains of $15,000, net long-term capital losses of $105,000, and taxable income from other sources of $460,000. Prior years' transactions included the following:
2010 net short-term capital gains .......................... $40,000
2011 net long-term capital gains ........................... 18,000
2012 net short-term capital gains ........................... 25,000
2013 net long-term capital gains ............................ 20,000
a. How are the capital gains and losses treated on Gorilla's 2014 tax return?
b. Determine the amount of the 2014 capital loss that is carried back to each of the previous years.
c. Compute the amount of capital loss carryforward, if any, and indicate the years to which the loss may be carried.
d. If Gorilla is a sole proprietorship, rather than a corporation, how would the owner report these transactions on her 2014 tax return?