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Compute Alpha taxable income and tax liability

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Question - Alpha Corporation has been in business for two years. It incurred the following items last year

(Year 1): Gross profits on sales 240000 Operating expenses 100000 Long-term capital gain 8000 Short-term capital loss 12000 Alpha reported the following items this year.

(Year 2): Gross profits on sales 600,000 Operating expenses 165,000 Long term capital gain 10000.

Required - Compute Alpha's taxable income and tax liability for Year 1 and Year 2.

Reference no: EM132628456

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