X Corporation has a net long-term capital loss in 2022 of $10,000. X corporation did not have any capital transactions in 2019 and 2020; however, in 2021, X corporation have a long-term capital gain of $8,000. The corporation can use the 2022 NLTCL loss to offset $3,000 of ordinary income in 2022. Then, it can carryback the remaining $7,000 to offset long-term capital gain in 2021.

True or False?