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What are pace taxable income and income tax liability

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Question - Computing Taxable Income and Income Tax Liability - Pace Corporation reports the following results for the current year:

Gross profit on sales $120,000

Long-term capital loss 10,000

Short-term capital loss 5,000

Dividends from 40%-owned domestic corporation 30,000

 Operating expenses 65,000

Charitable contributions 10,000

Required -

a. What are Pace's taxable income and income tax liability?

b. What carrybacks and carryovers (if any) are available and to what years must they be carried?

Reference no: EM132848837

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