Need accounting help with federal income tax 1

Nov 29th, 2015
Business Finance
Price: $5 USD

Question description

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


Short-term capital loss


Long-term capital gain


Long-term capital loss


1. Humphrey did not realize any other capital gains or losses since it began operations. What is Humphrey's total taxable income for 2013?

$ 20,000

$ 17,000

$ 12,000

$ 10,000

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