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How much is Loquat Corporation income tax liability

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Reference no: EM133041732

Question - During the current year, Loquat Corporation, a calendar year C corporation, had operating income of $410,000, operating expenses of $260,000, a short-term capital loss of $12,000, and a long-term capital gain of $28,000. How much is Loquat Corporation's income tax liability for the year?

a. $0

b. $31,800

c. $37,380

d. $34,860

Reference no: EM133041732

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