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omeli [17]
2 years ago
7

Elk, a C corporation, has $370,000 operating income and $290,000 operating expenses during the current year. In addition, Elk ha

s a $10,000 long-term capital gain and a $17,000 short-term capital loss. Elk's taxable income is:
Business
1 answer:
pychu [463]2 years ago
4 0

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

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3 years ago
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