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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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