Westwind Corporation Reports the Following Results for the Current Year

question 33

Essay

Westwind Corporation reports the following results for the current year:
$\begin{array}{ll}\text { Gross profit on sales }&\$250,000\\\text { Long-term capital gain } & 25,000 \\\text { Long-term capital loss } & 10,000 \\\text { Short-term capital gain } & 7,500 \\\text { Short-term capital loss } & 12,500 \\\text { Operating expenses } & 80,000\end{array}$ What are Westwind's taxable income and regular tax liability before credits for the current year?

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