LO.2 Garnet has the following capital asset transactions during 2012:

Long-term capital gain $8,000 Short-term capital gain 3,000 Further, Garnet has an excess capital loss carryforward of $6,000 from 2011.

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?