In the current year, Apricot Corporation had taxable income of $120,000. Included in taxable income was a $10,000 capital gain. The $120,000 of taxable income does not include a $15,000 capital loss carryforward available from the previous year. What is Apricot Corporation's current year income tax liability before any tax credits?

Question

Business

Guest

Today, 19:07

In the current year, Apricot Corporation had taxable income of $120,000. Included in taxable income was a $10,000 capital gain. The $120,000 of taxable income does not include a $15,000 capital loss carryforward available from the previous year. What is Apricot Corporation's current year income tax liability before any tax credits?

+3

Answers (1)

Know the Answer?

Haney · Answer 1

Answer is $23,100.

Refer below.

Explanation:

In the current year, Apricot Corporation had taxable income of $120,000. Included in taxable income was a $10,000 capital gain. The $120,000 of taxable income does not include a $15,000 capital loss carryforward available from the previous year. The Apricot Corporation's current year income tax liability before any tax credits is:

$23,100