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Koil Corporation generated $718,400 ordinary income from the sale of inventory to its customers. It also sold three noninventory assets during the year. Required:
Koil Corporation generated $718,400 ordinary income from the sale of inventory to its customers. It also sold three noninventory assets during the year. Required: a. Compute Koil's taxable income assuming that the first sale resulted in a $45,000 capital gain, the second sale resulted in a $12,000 capital loss, and the third sale resulted in a $19,000 capital loss. b. Compute Koil's taxable income assuming that the first sale resulted in a $17,000 ordinary gain, the second sale resulted in a $22,300 capital gain, and the third sale resulted in a $58,000 capital loss. c. Compute Koil's taxable income assuming that the first sale resulted in a $9,000 capital gain, the second sale resulted in a $16,100 capital loss, and the third sale resulted in an $8,800 ordinary loss.
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