Question
Koil Corporation generated $750,800 ordinary income from the sale of inventory to its customers. It also sold three noninventory assets during the year. Required: Compute
Koil Corporation generated $750,800 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 $82,400 capital gain, the second sale resulted in a $21,100 capital loss, and the third sale resulted in a $24,300 capital loss. Compute Koils taxable income assuming that the first sale resulted in a $24,800 ordinary gain, the second sale resulted in a $45,000 capital gain, and the third sale resulted in a $90,800 capital loss. Compute Koils taxable income assuming that the first sale resulted in a $18,700 capital gain, the second sale resulted in a $24,300 capital loss, and the third sale resulted in an $11,650 ordinary loss.
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