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Alpha Corporation has been in business for two years. It incurred the following items last year (Year 1): Gross profits on sales 240000 Operating expenses
Alpha Corporation has been in business for two years. It incurred the following items last year (Year 1):
Gross profits on sales 240000
Operating expenses 100000
Long-term capital gain 8000
Short-term capital loss 12000
Alpha reported the following items this year (Year 2):
Gross profits on sales 600,000
Operating expenses 165,000
Long term capital gain 10000
Compute Alpha's taxable income and tax liability for Year 1 and Year 2.
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