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Harrizon [31]
2 years ago
7

In the current year, Tanager Corporation (a calendar year C corporation) had operating income of $480,000 and operating expenses

of $390,000. In addition, Tanager had a long-term capital gain of $55,000 and a short-term capital loss of $40,000. a. Compute Tanager's taxable income and tax for the year.
Business
1 answer:
Dominik [7]2 years ago
8 0

Answer: See explanation

Explanation:

Tanager's taxable income would be calculated as:

= Operating income - Operating expense + Long term gain + Short term loss

= $480,000 - $390,000 + $55,000 - $40,000

= $105,000

Tanager's tax for the year will be:

= $105,000 × 21%

= $105,000 × 0.21

= $22,050

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2 years ago
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