Exclusive of capital transactions, Pixie Corp. had $100,000 of taxable income. Its capital gains and losses were:
Short-term gain $10,000
Long-term gain 12,000
Short-term loss (20,000)
Long-term loss 5,000
Pixie's taxable income for the year was:
a. $97,000
b. $122,000
c. $100,000
d. $107,000