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

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

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.