Arizona Corporation has $80,000 taxable income before a long-term capitalloss of $12,000. If there are no other capital gains and losses, Arizona can do which of the following? A B Not reduce taxable income and carry the entire $12,000 back five years and then forward three years. Not reduce taxable income and carry the entire $12,000 back three years and then forward five years. Reduce taxable income by $3,000 and carry $9,000 of the long-term loss back three years. Reduce taxable income by $3,000 and carry forward $9,000 C 1 D