Assignment Choice #1: Corporate TaxationPart I: During 2013, Gain Corporation has net short-term capitalgains of $15,000, net long-term capital losses of $105,000, and taxableincome from other sources of $460,000. Prior years’ transactions included the following:2009 net short-term capital gains $40,000 2010 net long-term capital gains 18,000 2011 net short-term capital gains 25,000 2012 net long-term capital gains 20,000How are the capital gains and losses treated on Gain’s 2013 tax return?Determine the amount of the 2013 capital loss that is carried back to each of the previous years.Compute the amount of capital loss carry forward, if any, and indicate the years to which the loss may be carried.Part II: Review the following potential investments by Gain CorporationCorporate InvestmentScenario 1Scenario 2Scenario 3Income from operations$700,000$800,000$900,000Expenses from operations($600,000)($850,000)($910,000)Qualifying dividends$100,000$100,000$100,000Calculate the dividends received deductions for each independent investment scenario assuming:10% ownership of the investment25% ownership of the investment90% ownership of the investmentRequirements:Clearly identify the requirements being addressed. Show allcalculations within the cells of an Excel spreadsheet. This means thatyou must use formulas and links so that your thought process can beexamined. Make good use of comments to convey your thought process aswell. No hard coding of solutions is permitted. Submit a single MS Excelfile for grading.Review the grading rubric to understand how you will be graded onthis assignment. Reach out to your instructor if you have questionsabout the assignment.