6. Net Operating Loss. Starsource, Inc., produces telescopes, had taxable income of $200,000 from operations during the taxable year. This taxable year they also sold a piece of land they held for investment they lost $50,000 from the sale of the land, a capital asset. No other gains or losses were generated during the taxable year, nor had been in the past years. In Starsource's tax return for the taxable year, a. What is the taxable income and why? b. What if Startsource had sold land with a manufacturing building they had been using in the business and had a $50,000 loss. How would that have impacted taxable income? Review Notes and Examples c. Assume original facts, except that in addition to the income and capital loss the corporation also sold a stock in an investment company they had made and sold it for a $10,000 capital gain. 7. Net Operating Loss and Dividends Recelved Deduction. In the current year, Byson, Co. Ccorporation, has gross income (before dividends) of $700,000 and deductions of $1,000,000 (excluding the dividends-received deduction). Byson Co. received dividends of $100,000 from a company in which it owns 2 percent of the stock. What is Byson's net operating loss