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Terra Corporation (a C corporation) had an operating loss of $6,000 for 2021. Terra sold...

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Accounting

Terra Corporation (a C corporation) had an operating loss of $6,000 for 2021. Terra sold a number of investments in 2021 which resulted in a net long-term capital loss (NTLCL) of $9,000. In addition, Terra, which owns 25% of the stock of Blue Corporation, received a dividend of $48,000 from Blue. Note: the operating loss only includes revenue and expenses directly related to operations (it does not include any capital transactions or dividends).

  1. Determine Terra Corporations taxable income and tax liability for 2021.

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