38. LO.2, 7 Citron, a calendar year taxpayer, began business in January 2012. It had a long-term capital gain of $5,000 in 2012 and a long-term capital loss of $10,000 in 2013.

For both years, Citron had an operating profit in excess of $100,000. How are these capital gain and loss transactions handled for income tax purposes if Citron is:

a. An individual?

b. A C corporation?

c. An S corporation?