Problem 17-35 (LO. 1)

During 2020, Gorilla Corporation, a calendar year C corporation, has net short-term capital gains of $15,000, net long-term capital losses of $105,000, and taxable income from other sources of $460,000. Prior years' transactions included the following:

2016 net short-term capital gains	$40,000
2017 net long-term capital gains	18,000
2018 net short-term capital gains	25,000
2019 net long-term capital gains	20,000

e. Assume that Gorilla Corporation's capital loss carryforward in part (c) is $27,000 and that Gorilla will be able to use $11,000 of the carryover to offset capital gains in 2021 and the remaining $16,000 to offset capital gains in 2022. Determine the tax savings of the $105,000 long-term capital loss recognized in 2020.

Assume a discount rate of 5%. The present value factors at 5% are as follows: 1.000 for 2017-2020; 0.9524 for 2021 and 0.9070 for 2022. Gorilla Corporation's marginal income tax rate is 34% for all tax years prior to 2019.

Round your computations to the nearest dollar.

In present value terms, the tax savings of the $105,000 long-term capital loss recognized in 2020 is ? $