39- Goose Corporation, a C corporation, incurs a net capital loss of $41,900 for 2021. It also has ordinary income of $33,520 in 2021. Goose had net capital gains of $8,380 in 2017 and $16,760 in 2020.

If an amount is zero, enter "0".

a. Determine the amount, if any, of the net capital loss of $41,900 that is deductible in 2021.

$.............................?

b. Determine the amount, if any, of the net capital loss of $41,900 that is carried forward to 2022.

$..............................?

40-Dwayne and Paul form Swan Corporation with the following investments. Dwayne transfers machinery (basis of $40,000 and fair market value of $100,000) and Paul transfers land (basis of $20,000 and fair market value of $90,000) and services rendered (worth $10,000) in organizing the corporation. Each is issued 25 shares in Swan Corporation. With respect to the transfers:

a.Neither Dwayne nor Paul has recognized gain or income on the transfers.

b.Swan Corporation has a basis of $30,000 in the land transferred by Paul.

c.Dwayne has no recognized gain; Paul recognizes income/gain of $80,000.

d.Paul has a basis of $30,000 in the 25 shares he acquires in Swan Corporation.