Increase or decrease in omegas taxable income

Reference no: EM13124496

The Omega Corporation sells property during the year that results in the following gains and losses:

Gain on the sale of inventory $75,000
Section 1231 gain $95,000
Section 1231 loss (60,000)
Capital loss (55,000)

Compute the resulting increase or decrease in Omega's taxable income. Explain each step

Reference no: EM13124496

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