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XYZ Corporation presents in its accounting books the following items related to its income: Sale income $2,000,000 Cost of Goods Sold (1,300,000) Savings account interest
XYZ Corporation presents in its accounting books the following items related to its income: Sale income $2,000,000 Cost of Goods Sold (1,300,000) Savings account interest income 1,000 New York City bond interest income 15,000 Capital loss(100,000) For each item presented above, determine its tax treatment for purposes of determining the corporation's income tax.
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