Garnet has the following capital asset transactions during 2016:
Long-term capital gain ..................... $8,000
Short-term capital gain ..................... 3,000
Further, Garnet has an excess capital loss carryforward of $6,000 from 2015.
a. What are the tax consequences of these transactions if the $6,000 loss is long-term and Garnet is an individual? Garnet is a C corporation?
b. What are the tax consequences of these transactions if the $6,000 loss is short-term and Garnet is an individual? Garnet is a C corporation?