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03-50 Computing Taxable income and Income Tax Liability. Pace Corporation reports the following results for...

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Accounting

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03-50 Computing Taxable income and Income Tax Liability. Pace Corporation reports the following results for the current year: Gross profit on sales $120,000 Long-term capital loss 10,000 Short-term capital loss 5,000 Dividends from 40%-owned domestic corporation 30,000 Operating expenses 65,000 Charitable contributions 10,000 a. What are Pace's taxable income and income tax liability? b. What carrybacks and carryovers (if any) are available and to what years must they be carried

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