This year, Sigma Incorporated generated $635,750 income from its routine business operations. In addition, the...
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This year, Sigma Incorporated generated $635,750 income from its routine business operations. In addition, the corporation sold the following assets, all of which were held for more than 12 months: Initial Basis $ 168,000 96,500 Accumulated Depreciation* $ 0 77,200 Sale Price $ 65, 750 31, 250 Marketable securities Production equipment Business realty: Land Building 232,500 202.000 0 60,600 256, 750 228,000 *Through date of sale. Required: a. Compute Sigma's taxable income assuming that it used the straight-line method to calculate depreciation on the building and has no nonrecaptured Section 1231 losses. b. Recompute taxable income assuming that Sigma sold the securities for $183,400 rather than $65,750. X Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Compute Sigma's taxable income assuming that it used the straight-line method to calculate depreciation on the building and has no nonrecaptured Section 1231 losses. Taxable income
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