Problem $3-41($LO$.1)$

During $2024,$ Gorilla Corporation, a calendar year C corporation, has net short$-$term capital gains of $$15,000,$ net long$-$term capital losses of $$105,000,$ and taxable income from other sources of $$460,000.$ Prior years' transactions included the following:

$2020$ net short$-$term capital gains$$40,0002021$ net long$-$term capital gains$18,0002022$ net short$-$term capital gains$25,0002023$ net long$-$term capital gains$20,000$

If an amount is zero, enter $"0".$

Question Content Area

a$.$Answer the following to determine how are the capital gains and losses treated on Gorilla's $2024$ tax return.

How much is Gorilla's net capital loss for $2024?$

$90000($correct$)$

What is the amount of the capital loss deduction on Gorilla's $2024$ tax return?

$87000($incorrect$)$