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Mandarini Mandarini
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7 years ago
Westwind Corporation reports the following results for the current year:

Gross profit on sales   $250,000
Long-term capital gain   25,000
Long-term capital loss   10,000
Short-term capital gain   7,500
Short-term capital loss   12,500
Operating expenses   80,000

What are Westwind's taxable income and regular tax liability before credits for the current year?
Textbook 
Prentice Hall's Federal Taxation 2014 Corporations, Partnerships, Estates & Trusts

Prentice Hall's Federal Taxation 2014 Corporations, Partnerships, Estates & Trusts


Edition: 27th
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strwbrrystrwbrry
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7 years ago
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Every man, wherever he goes, is encompassed by a cloud of comforting convictions, which move with him like flies on a summer day.
   --Bertrand Russell, 1950

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Mandarini Author
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7 years ago
Thanks
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Good timing, thanks!
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