(Solution) - In 2009 the Ryan Corporation sold a capital asset and -(2025 Original AI-Free Solution)

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In 2009, the Ryan Corporation sold a capital asset and incurred a $40,000 LTCL that was carried forward to subsequent years. That sale was the only sale of a capital asset that Ryan made until 2014, when Ryan sells a capital asset and recognizes a STCG of $53,000. Without considering the STCG from the sale, Ryan's taxable income is $250,000.
a. Determine the corporation's NSTCG for 2014.
b. Determine the corporation's 2014 taxable income.
c. If the sale of the asset in 2009 had occurred in 2008, determine the corporation's 2014 taxable income?