Gray, Inc., a C corporation, has taxable income from operations of $1,452,000 for 2022. It also has a net long-term capital loss of $355,000 from the sale of a subsidiary's stock. The year 2022 is the first year in the last 10 years that Gray has not had at least $500,000 per year of net long-term capital gains.

What is Gray's 2022 taxable income? What, if anything, can it do with any unused capital losses?

If an amount is zero, enter "0".

Because Gray may deduct $fill in the blank of the capital losses this year, its taxable income is $Fill in the blank.

Any unused loss may be carried back for three/five/seven years, then carried forward for five/three/seven

years as a short-term capital loss/long-term capital loss against Gray's capital gains/ordinary taxable income

.