Terra Corporation (a C corporation) had an operating loss of $6,000 for 2021. Terra sold a number of investments in 2021 which resulted in a net long-term capital loss (NTLCL) of $9,000. In addition, Terra, which owns 25% of the stock of Blue Corporation, received a dividend of $48,000 from Blue. Note: the operating loss only includes revenue and expenses directly related to operations (it does not include any capital transactions or dividends).

In 2019, Terra had a net-long term capital gain (NTLCG) of $4,000. This is the only capital gain that Terra has had in the past ten years. Assume Terra Corporation is a client. Explain what the client can expect in terms of their overall tax liability for 2021.