During 2012, Sparrow Corporation, a calendar year C corporation, had operating income of $425,000, operating expenses of $280,000, a short-term capital loss of $10,000, and a long-term capital gain of $25,000.How much is Sparrow's tax liability for 2012?
A)$42,650.
B)$42,800.
C)$45,650.
D)$62,400.
E)None of the above.

Question

Quizplus · Accepted Answer

The Answer of During 2012, Sparrow Corporation, a calendar year C corporation, had operating income of $425,000, operating expenses of $280,000, a short-term capital loss of $10,000, and a long-term capital gain of $25,000.How much is Sparrow's tax liability for 2012?
A)$42,650.
B)$42,800.
C)$45,650.
D)$62,400.
E)None of the above.

During 2012, Sparrow Corporation, a Calendar Year C Corporation, Had