Investment-Related Losses (LO. 8) Labrador Corporation has total capital gains of $18,000 and total capital losses of $35,000 in 2020. Randy owns 25% of Labrador's outstanding stock. Complete the statements below based on Labrador's entity type. a. Labrador is a corporation: Labrador Corporation has a $ -17,000 net capital loss in 2020. Labrador is allowed to carryback the capital loss from 2020 to 2017, 2018, and 2019 and use it to offset any net capital gains it paid tax on in those years. b. Labrador is an S corporation: Labrador is not taxed on income it earns. Randy is allowed to deduct $ 7,500 X of the loss in the current year, with the remaining $ 9,500 x carried forward to 2021