Reference no: EM132834084
Question - Capital Gains and Losses - Western Corporation reports the following results for the cur-rent year:
Gross profits on sales $150,000
Long-term capital gain 8,000
Long-term capital loss 15,000
Short-term capital gain 10,000
Short-term capital loss 2,000
Operating expenses 61,000
Required -
a. What are Western's taxable income and income tax liability for the current year?
b. How would your answers to Part a change if Western's short-term capital loss is $5,000 instead of $2,000?
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