Question
Koil Corporation generated $742,800 ordinary income from the sale of inventory to its customers. It also sold three noninventory assets during the year. Required: Compute
Koil Corporation generated $742,800 ordinary income from the sale of inventory to its customers. It also sold three noninventory assets during the year.
Required:
Compute Koils taxable income assuming that the first sale resulted in a $59,600 capital gain, the second sale resulted in a $14,800 capital loss, and the third sale resulted in a $27,300 capital loss.
Compute Koils taxable income assuming that the first sale resulted in a $21,700 ordinary gain, the second sale resulted in a $24,000 capital gain, and the third sale resulted in a $91,600 capital loss.
Compute Koils taxable income assuming that the first sale resulted in a $9,100 capital gain, the second sale resulted in a $18,000 capital loss, and the third sale resulted in an $10,300 ordinary loss.
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