for the year ended december 31 2007 mcewing corporation a calendar year corporation 625351
For the year ended December 31, 2007, McEwing Corporation, a calendar-year corporation, reported book income before income taxes of $120,000. Included in the determination of this amount were the following gain and losses from property that had been held for more than one year:
|
Loss on sale of building depreciated on the straight-line method |
$(7,000) |
|
Gain on sale of land used in McEwing’s business |
16,000 |
|
Loss on sale of investments in marketable securities |
(8,000) |
For the year ended December 31, 2007, McEwing’s taxable income was
- $113,000
- $120,000
- $125,000
- $128,000