Assume that Gorilla Corporation's capital loss carryforward in part (c) is $27,000 and that Gorilla will be able to use $11,000 of the carryover to offset capital gains in 2021 and the remaining $16,000 to offset capital gains in 2022.

Assume the following:

• A discount rate of 5%.
• Gorilla Corporation's marginal income tax rate is 34% for all tax years prior to 2018.
• Round your computations to the nearest dollar.

In present value terms, determine the tax savings of the $105,000 long-term capital loss recognized in 2020. $______

APPENDIXF Present Value of $1 Present Value and Future Value Tables N/R 1% 2% 1 3% 0.9901 4% 5% 0.9804 6% 7% 8% 2 0.9709 0.9803 0.9615 0.9524 0.9612 0.9434 0.9346 0.9259 0.9426 3 0.9246 0.9070 0.9423 0.8900 0.8734 0.8573 0.9151 4 0.8890 0.8638 0.8396 0.7938 0.9238 0.9706 0.9610 0.9515 0.9420 0.8885 0.8548 0.8163 0.7629 5 0.8227 0.7921 0.7350 0.9057 0.8626 0.8219 6 0.7473 0.7130 0.6806 0.8880 0.8375 0.7835 0.7462 0.7903 0.7050 0.6663 0.6302 7 0.9327 0.8706 0.7599 0.7107 0.6651 0.6227 0.5835 8 0.9235 0.8131 0.7894 0.8535 0.7307 0.6768 0.6274 0.5820 0.5403 9 0.9143 0.8368 0.7664 0.7026 0.5919 0.5439 0.5002 10 0.9053 0.8203 0.6446 0.6139 0.7441 0.6756 0.5584 0.5083 0.4632 11 0.8963 0.8043 0.7224 0.6496 0.5847 0.5268 0.4289 0.4751 0.4440 12 0.8874 0.7885 0.7014 0.6246 0.5568 0.4970 0.3971 13 0.8787 0.7730 0.6810 0.6006 0.5303 0.4688 0.4150 0.3677 14 0.8700 0.7579 0.6611 0.5775 0.5051 0.4423 0.3878 0.3405 15 0.8613 0.7430 0.6419 0.5553 0.4810 0.4173 0.3152 0.3624 0.6232 0.5339 0.7284 0.4581 0.3936 0.3387 0.2919 16 0.8528 0.6050 0.5134 0.4363 0.2705 0.7142 17 0.8444 0.3714 0.3503 0.3166 0.2959 0.4936 0.4155 0.5874 0.250 18 0.8360 0.7002 0.5703 0.4746 0.3957 0.3305 0.2765 0.231 0.6864 19 0.8277 0.5537 0.4564 0.3769 0.3118 0.2584 0.214 0.6730 20 0.8195 40. LO.1 During 2020, Gorilla Corporation, a calendar year C corporation, has net short- term capital gains of $15,000, net long-term capital losses of $105,000, and taxable income from other sources of $460,000. Prior years' transactions included ons aan a. years c. the following: 2016 net short-term capital gains $40,000 2017 net long-term capital gains 18,000 2018 net short-term capital gains 25,000 2019 net long-term capital gains 20,000 How are the capital gains and losses treated on Gorilla's 2020 tax return? b. Determine the amount of the 2020 capital loss that is carried back to each of the previous years. Compute the amount of capital loss carryforward, if any, and indicate the to which the loss may be carried. d. If Gorilla is a sole proprietorship rather than a corporation, how would the owner report these transactions on her 2020 tax return? Assume that Gorilla Corporation's capital loss carryfoward in part (c) is $27,000 and that Gorilla will be able to use $11,000 of the carryover to offset capital gains in 2021 and the remaining $16,000 to offset capital gains in 2022. In pres- ent value terms, determine the tax savings of the $105,000 long-term capital loss recognized in 2020. Assume a discount rate of 5% (present value factors are in Appendix F). Further, assume that Gorilla Corporation's marginal income tax rate is 34% for all tax years prior to 2018. Create a spreadsheet using Microsoft OS Excel (or a similar software program) that summarizes your analysis. but e