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Koil Corporation generated $751,200 ordinary Income from the sale of Inventory to its customers. It also sold three noninventory assets during the year. Required: a.
Koil Corporation generated $751,200 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 $61,200 capital gain, the second sale resulted in a $17,200 capital loss, and the third sale resulted in a $25,000 capital loss. b. Compute Koil's taxable income assuming that the first sale resulted in a $18,700 ordinary gain, the second sale resulted in a $44,750 capital gain, and the third sale resulted in a $63,600 capital loss. c. Compute Koil's taxable income assuming that the first sale resulted in a $10,300 capital gain, the second sale resulted in a $24.900 capital loss, and the third sale resulted in an $11,900 ordinary loss
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