Corporation Taxable Income
Response to the following:
a. For the current year, Wish Corporation had ordinary income from operations of $80,000, a net long-term capital gain of $17,000, and a net short-term capital loss of $7,000. Compute Wish's taxable income for the year.
b. For the current year, BB Corporation had net income from operations of $65,000 and a net long-term capital loss of $9,000. It also had a net short-term capital gain of $7,000. Compute BB's taxable income for the year.