Question
Koil Corporation generated $743,600 ordinary income from the sale of inventory to its customers. It also sold three noninventory assets during the year. Required: Compute
Koil Corporation generated $743,600 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 $71,200 capital gain, the second sale resulted in a $13,900 capital loss, and the third sale resulted in a $23,500 capital loss. Compute Koils taxable income assuming that the first sale resulted in a $17,600 ordinary gain, the second sale resulted in a $31,250 capital gain, and the third sale resulted in a $79,600 capital loss. Compute Koils taxable income assuming that the first sale resulted in a $11,800 capital gain, the second sale resulted in a $14,400 capital loss, and the third sale resulted in an $11,850 ordinary loss.
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