7 Elk, a C corporation, has $385,000 operating income and $290,000 operating expenses during the current year. In addition, Elk has a $5,000 long-term capital gain and a $17,000 short-term capital loss. Elk's taxable income is: a. $63,000. b. $95,000. c. $80,000. d. $90,000. e. None of the above. 8. During the current year, Kingbird Corporation (a calendar year C corporation) had the following income and expenses: Income from operations Expenses from operations Dividends received (15% ownership) $200,000 140,000 20,000 On October 1, Kingbird Corporation made a contribution to a qualified charitable organization of $25,000 in cash (not included in any of the above items). Determine Kingbird's charitable contribution deduction for the current year. a. $9,000 b. $7,500 c. $20,600 d. $6,525 e. None of the above