TCOs 1 and 8) During 2014, Sparrow Corporation, a calendar year C corporation, had operating income...
Homework Answers
The data given is:-
operating income of $510,000,
operating expenses of $370,000,
a short-term capital loss of $25,000,
a long-term capital gain of $80,000
Taxable income = operating income – operating expenses + long-term capital gain –short-term capital loss
Taxable income =$510,000- $370,000+ $80,000-$25,000
Taxable income =$195000
Income tax is calculated as below:-
2.225$ tax on $100,000 = $100000*2.25=$22,250
399% tax on $95000 = $95000*0.39=$37050
Total tax liability = =$22,250+$37050 =$59300
Answer:- $59300
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