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A C corporation, has $370,000 operating income and $290,000 operating expenses during the current year. In addition, Elk has a $22,000 long-term capital gain and
A C corporation, has $370,000 operating income and $290,000 operating expenses during the current year. In addition, Elk has a $22,000 long-term capital gain and a $15,000 short-term capital loss. Elks taxable income is: a. $87,000. b. $83,000. c. $80,000. d. $90,000. e. None of the above.
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