in the current year, woodpecker, inc., a c corporation with $8.5 million in assets, deducted amortization of $40,00

25. g. Domestic produc Ill with in Lo.6 In the current year, woodpecker, Inc., a C corporation $8.5 million assets, deducted amortization of $40,000 on its financial statements and $55,000 on its Federal tax return. Is Woodpecker required to file Schedule M-3? If a Schedule M-3 is filed by ker, how is the difference in amortization amounts treated on that schedule? cises 5. LO.2 Goose Corporation, a C corporation, incurs a net capital loss of $12,000 fo 2016. It also has ordinary income of S10,000 in 2016. Goose had net capita gains of $2,500 in 2012 and $5,000 in 2015. a. Determine the amount, if any, of the net capital loss of $12,000 that is deduc ible in 2016. b. Determine the amount, if any, of the net capital loss of $12,000 that is carri forward to 2017