Reference no: EM133031770

Problem - Guava Corporation, a C corporation, has a net short-term capital gain of $70,000 and a net long-term capital loss of $230,000 during 2020. Guava Corporation had taxable income from other sources of $660,000. Prior years' transactions included the following:

2016 Net long-term capital gain $120,000

2017 Net short-term capital gain 62,000

2018 Net short-term capital gain 30,000

2019 Net long-term capital gain 41,000

Required - Compute the amount of Guava Corporation's capital loss carryover to 2021.