Need accounting help with federal income tax 1
Humphrey Corp., a calendar year C corporation, realized taxable income of $20,000 from its regular business operations for calendar year 2013. In addition, Humphrey had the following capital gains and losses during 2013:
|
Short-term capital gain OUR PROCESSOrderPaymentWritingDeliveryWhy Choose Us: Cost-efficiency, Plagiarism free, Money Back Guarantee, On-time Delivery, Total Сonfidentiality, 24/7 Support, 100% originality |
$2,000 |
|
Short-term capital loss |
(6,000) |
|
Long-term capital gain |
3,500 |
|
Long-term capital loss |
(9,500) |
1. Humphrey did not realize any other capital gains or losses since it began operations. What is Humphrey’s total taxable income for 2013?
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$ 20,000 |
|
|
$ 17,000 |
|
|
$ 12,000 |
|
|
$ 10,000 |
