STATE EAST BAY 1989 ( 1 4 10 1 2 3 4 5 6 7 8 9 33 Qualified Plan ($8,800) Nonqualified Plan ($8,800) 2.5 Kentucky Fried Panda (KFP) corporation (slogan: "It's finger Ling-Ling good") had the following income and expenses during the current year: Revenues $100,000 Expenses $60,000 Gains on sale of capital assets $5,000 Losses on sale of capital assets $10,000 What is Kentucky Fried Panda's taxable income? $35,000 $37,000 $45,000 $42,000 $40,000 0 0 0 0 0 --:-/ICO/$100001-..d 34 2.5 Six years ago, Hernndez Corporation granted Mara the option to purchase 5,000 shares of Hernndez stock for $13 per share. On date of grant, the market price was $11 per share. Last year, Mara exercised the option when the market price was $47 per share. This year, she sold the stock for $40 per share. Compute Mara's gain or loss recognized on sale assuming the option was (1) an incentive stock option (ISO) and (2) a nonqualified option? Incentive st
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