Newcastle Corporation was incorporated in 2010. For the years 2010 through 2012, Newcastle has the following net capital gain or loss.

If Newcastle is in the 34% marginal tax bracket for each of these years, what effect do the net capital gains (losses) have on its tax liability for 2010, 2011, and2012?

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2011 2012 2013 2010 Capital gains $14,000 12,000 9,000 30,000 Capital losses (8,000) (26,000) (22,000) 11,000)