Robin had the following capital transactions in 2021: LTCG LTCL $10,000 8,000 2,000 -0- STCG STCL Robin also had a net long-term capital loss in 2020 of $2,000, which it could not use, and ordinary income of $13,000. a. What are the Federal income tax consequences in 2021 if Robin is an individual? The 2020 capital loss is carried forward to 2021 as a long-term capital loss Thus, Robin ends up with a net short-term capital gain of $ 2,000 that is treated as ordinary income Feedback Check My Work Significant differences between corporations and individuals exist in the treatment of capital gains and losses for income tax purposes. b. What are the Federal income tax consequences in 2021 if Robin is a C corporation? The 2020 capital loss is carried forward as a short-term capital loss . Thus, Robin ends up with a net long-term capital gain of $ 8,000 X that is treated as ordinary income