Elk a c corporation has 500000 operating income and 350000 , Ask an Expert

Accounting

Elk, a C corporation, has $500,000 operating income and $350,000 operating expenses during the year. In addition, Elk has a $20,000 long-term capital gain and a $52,000 short-term capital loss. Elk's taxable income is:

a. $98,000.

b. $118,000.

c. $150,000.

d. $170,000.

e. None of the above.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9402569

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