LO.5 Platinum, Inc., has determined its taxable income as $215,000 before considering the results of its capital gain or loss transactions. Platinum has a short-term capital loss of

$24,000, a long-term capital loss of $38,000, and a short-term capital gain of $39,000.

What is Platinum’s taxable income, and what (if any) are the amount and nature of its capital loss carryover?

ETHICS AND EQUITY