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Lemon Corporation generated $324, 600 of income from ordinary business operations. It also sold several assets during the year. Compute Lemon's taxable income under each

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Lemon Corporation generated $324, 600 of income from ordinary business operations. It also sold several assets during the year. Compute Lemon's taxable income under each of the following alternative assumptions about the tax consequences of the asset sales. Lemon recognized a $5, 500 capital gain and a $7, 400 net Section 1231 loss. Lemon recognized a $6, 500 capital loss and a $4, 700 net Section 1231 gain. Lemon recognized a $2, 500 capital gain, a $3, 900 capital loss and a $3,000 net Section 1231 gain. Lemon recognized $4,000 of depreciation recapture, a $2,000 Section 1231 gain and a $4, 200 Section 1231 loss

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