Iron Corporation incurred net short-term capital gains of $40,000 and net long-term capital losses of $90,000 during 2022. Taxable income from other sources was $500,000. How are the capital gains and losses treated on the 2022 tax return, Form 1120? A. $3,000 of the excess net long-term capital losses are deducted currently, and the $47,000 remainder is carried forward indefinitely. B. Excess net long-term capital losses are fully deductible in 2022. C. None of the excess net long-term capital losses are currently deductible but may be carried back to the 3 preceding years and then forward 5 years as short-term capital losses. D. Excess net long-term capital losses of $50,000 are carried back 2 years and then carried forward 20 years as short-term capital losses