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Compute the amount of income tax in 2018 for acme inc

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Question

Acme Inc. is a calendar year C-corp. During 2018, Acme earned $1,400,000 in revenues, incurred operating expenses of $500,000. The company sold two parcels of land: one parcel generated a capital loss of $4000, and the other sale generated a capital gain of $400. Compute the amount of income tax in 2018 for Acme Inc.

Reference no: EM132404677

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