Westwind Corporation reports the following results for the current year:
Gross profit on sales $250,000
Long-term capital gain 25,000
Long-term capital loss 10,000
Short-term capital gain 7,500
Short-term capital loss 12,500
Operating expenses 80,000
What are Westwind's taxable income and regular tax liability before credits for the current year?

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The Answer of Westwind Corporation reports the following results for the current year:
Gross profit on sales $250,000
Long-term capital gain 25,000
Long-term capital loss 10,000
Short-term capital gain 7,500
Short-term capital loss 12,500
Operating expenses 80,000
What are Westwind's taxable income and regular tax liability before credits for the current year?

Westwind Corporation Reports the Following Results for the Current Year