1. During the year, Loon Corporation has the following transactions: $400,000 operating income; $325,000 operating expenses; $25,000 municipal bond interest; $60,000 long-term capital gain; and $95,000 short-term capital loss. a. Compute Loons taxable income for the year. b. Assume the same facts except that Loons long-term capital gain is $100,000 (instead of $60,000). Compute Loons taxable income for the year