Browns Corporation has been in business for two years. It incurred the following items last year? (Year 1): Gross profits on sales $270,000 Operating expenses 60,000 Long-term capital gain 10,000 Short-term capital loss 13,500

Assume that qualified production activities income in each year equals gross profit minus operating expenses

Begin by computing Theta's taxable income before special deductions. then calculate the taxable income for Year 1. (fa box is not used in the table leave the box empty do not select a label or enter a zero Gross income Minus Taxable income before special deductions use the following labels Capital loss deduction Dividerds receMed Dividerds received deduction Gross prcfit on sales Long-term capital gain Cperating expenses Shot-term capital loss carryover U.S. poduction activ ties deduction