contestada

A C corporation has gross receipts of $150,000, $35,000 of other income, and deductible expenses of $95,000. In addition, the corporation incurred a net long-term capital loss of $25,000 in the current year. What is the corporation's taxable income

Respuesta :

Answer:

$90,000

Explanation:

The computation of the corporate taxable income is shown below:

= Gross receipts + other income - deductible expenses

= $150,000 + $35,000 - $95,000

= $90,000

Simply we added the gross receipts, other income and deduct the deductible expenses so that the accurate amount can come.

All other information which is given is not relevant. Hence, ignored it