Problem 3-40 (LO. 1) During 2021, 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: 2017 net short-term capital gains $40,000 2018 net long-term capital gains 18,000 2019 net short term capital gains 25,000 2020 net long-term capital gains 20,000 If an amount is zero, enter "o". a. Answer the following to determine how are the capital gains and losses treated on Gorilla's 2021 tax return How much is Gonila's net capital loss for 20213 90,000 la's 2021 tax return? What is the amount of the capital loss deduction on 0.1 Any excess net capital loss is carried back or forward as a short-terni capital loss b. Determine the amount of the 2021 capital loss that is carried back to each of the previous years. Carried back to 2018 18,000 Carried back to 2019 25,000 Carned back to 2020 20,000 Total carrybacks 63,000 Feedback C. Compute the total amount of capital loss carryforward to 2022 and future years. 27,000 Indicate the years to which the loss may be carried forward. Select "Yes" or "No", which ever is appropriate. 2022 Yes 2023 Yes 2024 Yes 2025 Yes 2026 Yes 2027 d. If Gorilla is a sole proprietorship, rather than a corporation, how would these transactions be reported in the proprietor's 2021 tax return? an additional 3,000 Gorilla offsets 15,000 of capital gains against her capital losses and deducts in capital losses. The remaining 87,000 is carried forward indefinitely Feedback hy 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 2022 and the remaining $16,000 to offset capital gains in 2023. Determine the tax savings of the $105,000 long-term capital loss recognized in 2021. Assume a discount rate of 5%. The present value factors at 5% are as follows: 1.000 for 2018-2021: 0.9524 for 2022 and 0.9070 for 2023. Gorilla Corporation's marginal income tax rate is 34% for all tax years prior to 2018. Round your computations to the nearest dollar In present value terms, the tax savings of the 5105,000 long-term capital loss recognized in 2021 27,218 x