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Koil Corporation generated $ 7 4 0 , 8 0 0 ordinary income from the sale of inventory to its customers. It also sold three
Koil Corporation generated $ ordinary income from the sale of inventory to its customers. It also sold three noninventory assets during the year.
Required:
a Compute Koils taxable income assuming that the first sale resulted in a $ capital gain, the second sale resulted in a $ capital loss, and the third sale resulted in a $ capital loss.
b Compute Koils taxable income assuming that the first sale resulted in a $ ordinary gain, the second sale resulted in a $ capital gain, and the third sale resulted in a $ capital loss.
c Compute Koils taxable income assuming that the first sale resulted in a $ capital gain, the second sale resulted in a $ capital loss, and the third sale resulted in an $ ordinary loss.
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