Question

Oakland Corporation reported a net operating loss of $500,000 in 20X3 and elected to carry the loss forward to 20X4. Not included in the computation was a disallowed meals and entertainment expense of $20,000, tax-exempt income of $10,000, and deferred gain on an installment sale of $250,000. The corporation's current earnings and profits for 20X3 would be:A. ($500,000)B. ($720,000)C. ($510,000)D. ($260,000)

Answer 1

Answer:

The correct answer is

D. ($260,000)

good luck ❤