QUESTION 2 Topaz Corporation had $145,000 operating income and $30,000 operating expenses during the year. In addition, Topaz had a $30,000 short-term capital gain and a $40,000 short-term capital loss. Compute Topaz's taxable income for the year. $112,000 $115,000 $105,000 None of the above. $95,000 QUESTION 3 Zeta, Inc., a calendar year taxpayer, suffers a casualty loss of $45,000. Zeta recovered insurance of $30,000. How much of the casualty loss will be a tax deduction to Zeta, Inc.? $0 $45,000 $15,000 $14,900 None of the above