Question: Iron Corporation incurred net short-term capital gains of $40,000 and net long-term capital losses of $90,000 during 2022. Taxable income from other sources was $500,000.

Iron Corporation incurred net short-term capital gains of $40,000 and net long-term capital losses of $90,000 during 2022. Taxable income from other sources was $500,000. How are the capital gains and losses treated on the 2022 tax return, Form 1120?

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