A Taxable Entity Has the Following Capital Gains and Losses $\begin{array}{lc}\text { Short-term capital loss } &\$(22,000) \\\text { Long-term capital gain } &15,000\end{array}$

question 41

Multiple Choice

A taxable entity has the following capital gains and losses in 2013:
$\begin{array}{lc}\text { Short-term capital loss } &\$(22,000) \\\text { Long-term capital gain } &15,000\end{array}$

I If the entity is an individual, a $\$ 3,000$ deduction is allowed in 2013 .
II. If the entity is a corporation, a $\$ 7,000$ deduction is allowed in 2013 .

• A)Only statement I is correct.
• B)Only statement II is correct.
• C)Both statements are correct.
• D)Neither statement is correct.