Billingsworth Corporation has the following net capital gains and losses for 2018 through 2021. Billingsworth' marginal tax rate is 21% for 2018 through 2021.

2018	2019	2020	2021
$8,000	$3,000	$6,500	$(9,000)

In 2021, Billingsworth Corporation earned a net operating income of $30,000. What is/are the tax effect(s) of the $9,000 net capital loss in 2021?

I.	Corporate taxable income is $21,000.
II.	The net capital loss will provide income tax refunds of $1,890.