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Westwind Corporation reports the following results for the current year: Gross profit on sales $250,000 Long-term capital gain 25,000 Long-term capital loss 10,000 Short-term capital
Westwind Corporation reports the following results for the current year:
Gross profit on sales $250,000
Long-term capital gain 25,000
Long-term capital loss 10,000
Short-term capital gain 7,500
Short-term capital loss 12,500
Operating expenses 80,000
What are Westwind's taxable income and regular tax liability before credits for the current year?
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