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QUESTION
For its current tax year, Ilex Corporation has ordinary income of $260,000, a short-term capital loss of $60,000, and a long-term capital gain of...
For its current tax year, Ilex Corporation has ordinary income of $260,000, a short-term capital loss of $60,000, and a long-term capital gain of $20,000.
Calculate Ilex Corporation's tax liability for 2018.
The answer is not $84,650 or $101,400.
