Ironwood Corporation has ordinary taxable income of $65,000 in 2019, and a shortterm capital loss of $15,000.

Question:

Ironwood Corporation has ordinary taxable income of $65,000 in 2019, and a shortterm capital loss of $15,000. What is the corporation’s tax liability for 2019?

a. $7,500

b. $5,250

c. $10,500

d. $13,650

e. None of the above

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