Problem 17-33 (a) (LO. 1, 3) In the current year, Werbung Corporation (a calendar year C...
Problem 17-33 (a) (LO. 1, 3)
In the current year, Werbung Corporation (a calendar year C corporation) had operating income of $430,000 and operating expenses of $355,000. In addition, Werbung had a long-term capital gain of $25,000, a long-term capital loss of $2,000 and a short-term capital loss of $30,000.
a. Compute Werbung's taxable income and tax for
the year.
Taxable income: $
Income tax: $
b. Assume the same facts except that Werbung's
long-term capital gain was $50,000. Compute Werbung's taxable
income and tax for the year.
Taxable income: $
Income tax: $
Homework Answers
![Taxable Income - Operating Income - Operching Expense]+ Capital Gain = $ 430 000 - $ 355000 = $ 75000 NiL since there is capi](http://img.homeworklib.com/questions/82470420-7219-11ea-9b72-bfac2e1031db.png?x-oss-process=image/resize,w_560)
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Problem 17-33 (a) (LO. 1, 3)
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