Answered

Discover the answers you need at Westonci.ca, where experts provide clear and concise information on various topics. Discover detailed answers to your questions from a wide network of experts on our comprehensive Q&A platform. Experience the convenience of finding accurate answers to your questions from knowledgeable experts on our platform.

Elk, a C corporation, has $370,000 operating income and $290,000 operating expenses during the current year. In addition, Elk has a $10,000 long-term capital gain and a $17,000 short-term capital loss. Elk's taxable income is:

Sagot :

abiolataiwo2015

Answer:

$80,000

Explanation:

Calculation to determine what Elk's taxable income is:

Using this formula

Taxable income=Operating income-Operating expenses

Let plug in the formula

Taxable income=$370,000-$290,000

Taxable income=$80,000

Therefore Elk's taxable income is:$80,000

Thanks for using our platform. We're always here to provide accurate and up-to-date answers to all your queries. We hope our answers were useful. Return anytime for more information and answers to any other questions you have. Westonci.ca is your go-to source for reliable answers. Return soon for more expert insights.