QUESTION 14

1. During 2020, Sparrow Corporation, a calendar year C corporation, had operating income of $555,000, operating expenses of $300,000, a short-term capital loss of $16,000 (from a non-business bad debt), and a long-term capital gain of $12,000. Compute Sparrow's tax liability for 2021.

   		$52,920
   		$255,000
   		$252,000
   		$53,550