Question - Alpha Corporation had income from operations of $30,000. What is the corporation's taxable income including the following property transactions? Gain on investment stock = $8,000; loss on machinery held three years = $6,000; $4,000 loss on equipment held 10 months; $4,000 gain on land used for six years for storage of trucks.
1. $25,000
2. $27,000
3. $30,000
4. $32,000