0:3-48 Corporate Taxable income and Tax Liability. Alpha Corporation has been in business for two years. It incurred the following items last year (Year 1): Gross profits on sales $240,000 Operating expenses 100,000 Long-term capital gain 8,000 Short-term capital loss 12,000 3-54 Corporations Chapter 3 Alpha reported the following items this year (Year 2): Gross profits on sales $600,000 Operating expenses 165,000 Long-term capital gain 10,000 Compute Alpha's taxable income and tax liability for Year 1 and Year 2