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Before taking into account capital transactions, Elf Corp. (a "C" corporation) had $100,000 of taxable...

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Accounting

Before taking into account capital transactions, Elf Corp. (a "C" corporation) had $100,000 of taxable income. Its capital gains and losses were: Short-term gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $10,000 Long-term gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,000 Short-term loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000 Long-term loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000

Elf's taxable income for the year was:

Group of answer choices

$97,000

$122,000

$100,000

$107,000

Answer & Explanation Solved by verified expert
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