During 2008,Sparrow Corporation,a Calendar Year C Corporation,had Operating Income of $425,000,operating
Multiple Choice
During 2008,Sparrow Corporation,a calendar year C corporation,had operating income of $425,000,operating expenses of $210,000,a short-term capital loss of $45,000,and a long-term capital gain of $125,000.How much is Sparrow's tax liability for 2008?
A) $67,100.
B) $79,100.
C) $98,300.
D) $103,250.
E) None of the above.
Correct Answer:
Verified
Correct Answer:
Verified
Q26: Schedule M-1 is used to reconcile net
Q57: During the year,Quartz Corporation (a calendar year
Q59: Pierre is the sole shareholder of Pine
Q60: Zircon Corporation donated scientific property worth $350,000
Q61: Luis is the sole shareholder of Stork,Inc.,a
Q63: Bass Corporation received a dividend of $80,000
Q64: Hippo,Inc.,a calendar year C corporation,manufactures golf gloves.For
Q65: Heron Corporation,a calendar year,accrual basis taxpayer,provides the
Q66: Bear Corporation has net short-term capital gains
Q67: Cecelia is the sole shareholder of Aqua