Ostrich, a C corporation, has a net short-term capital gain of
$20,000 and a net long-term capital loss of $90,000 during 2019.
Ostrich has $425,000 in taxable income from other sources. Prior
years’ transactions included the following:
2014 net short-term capital gains $10,000
2015 net long-term capital gains 18,000
2016 net long-term capital gains 15,000
2017 net short-term capital gains 25,000
2018 net long-term capital gains
5,000
Required: a. How are the capital gains and losses treated on
Ostrich’s 2019...