Toliver Corporation Incurs a Long-Term Capital Loss of $38,000 and a Short-Term

question 10

Multiple Choice

Toliver Corporation incurs a long-term capital loss of $38,000 and a short-term capital gain of $33,000. Also, Toliver has operating income of $175,000. What is Toliver's taxable income?

• A)$45,000
• B)$170,000
• C)$172,000
• D)$175,000
• E)$208,000

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Definitions:

Griswold v. Connecticut

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The 1973 Supreme Court case that legalized abortion across the United States by ruling that state laws banning it were unconstitutional.

Supreme Court

The highest judicial body in the United States, consisting of nine Justices and holding the final word on matters of federal law, including constitutional interpretation.

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