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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. a. Indicate whether the following statements are "True" or "False" regarding the treatment of net capital gains and losses for corporate taxpayers. Capital gains are taxed at the ordinary income tax rates. There is a three-year carryback and a five-year carryforward period for net capital losses. Capital losses offset only capital gains. Capital loss carrybacks and carryforwards are always treated as long term, regardless of their original nature. b. What is Platinum's taxable income? What (if any) are the amount and nature of its capital loss carryover? 23,000, of which s is treated as capital Platinum has a net long-term capital loss of $ loss carryover. As a result, Platinum's taxable income is $ 215,000 Coline has the following capital gain and loss transactions for 2021. a. $14,700 b. C. Short-term capital gain Short-term capital loss Long-term capital gain (28%) Long-term capital gain (15%) Long-term capital loss (28%) (6,174) 17,640 5,880 (30,870) d. e. After the capital gain and loss netting process, what is the amount and character of Coline's gain or loss? Colin as an overall net long-term capital gain 15,876 $

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