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29. LO.2, 4 In the current year, Tanager Corporation (a 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.
b. Assume, instead, that Tanager's long-term capital gain was $15,000 (not $55,000).
Compute Tanager's taxable income and tax for the year.
Blue Corporation, a cash basis taxpayer, has taxable income of $700,000 for the current year. Blue elected $80,000 of § 179 expense. It also had a related party loss of $30,000 and a realized (not recognized) gain from an involuntary conversion of..
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