It also sold real estate for a profit income not capital, Business Economics

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It also sold real estate for a profit income not capital

The Red Ranger Company recorded revenues of $45,000 and recaptured depreciation of $1200 for the year just ended. During the year, it incurred cash expenses of $23,500 and depreciation expenses of $11,575. It also sold real estate for a profit (income, not capital gain) of $40,000. Determine the federal taxes owed by Red Ranger.

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Business Economics: It also sold real estate for a profit income not capital

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