In the current tax year (year 4), BYR Corporation had a $10,000 net short-term capital loss and a $5,000 net long-term capital gain. This is a three-part question.

the current tax year (year 4), BYR Corporation had a $10,000 net short-term capital loss

Three years ago (year 1), BYR had a $4,000 net capital gain.

Two years ago (year 2), BYR had a $2,000 net capital gain.

One year ago (year 3), BYR had a $2,000 net capital gain.

This is a three-part question.

Question 1: What amount (if any) of excess capital loss is available for carryover to other tax years?

Question 2: BYR can apply for what total income adjustment (if any) from capital loss carryback to prior tax years?

Question 3: What amount (if any) of capital loss remains for carryover to the next tax year (year 5)?

a) $10,000; $8,000; $2,000

b) $ 5,000; $5,000; $ 0

c) $ 7,000; $7,000; $ 0

d) $10,000; $8,000; $ 0