Westwind Corporation reports the following results for the current year: Gross profit on sales $250,000 Long-term capital

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Westwind Corporation reports the following results for the current year:

Gross profit on sales $250,000

Long-term capital gain 25,000

Long-term capital loss 10,000

Short-term capital gain 7,500

Short-term capital loss 12,500

Operating expenses 80,000

What are Westwind's taxable income and regular tax liability before credits for the current year?

Related Book For answer-question

South Western Federal Taxation 2016 Corporations Partnerships Estates and Trusts

ISBN: 9781305399884

39th edition

Authors: James Boyd, William Hoffman, Raabe, David Maloney, Young

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Posted Date: Jan 10, 2021 09:45 PM

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Westwind Corporation reports the following results for the current year: Gross profit on sales $250,000 Long-term capital

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South Western Federal Taxation 2016 Corporations Partnerships Estates and Trusts

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