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Drab, a calendar year S corporation, incurred the following transactions this year. Sales $3,773,600 Cost of goods sold 1,698,120 Long-term capital gain 377,360 Short-term capital
Drab, a calendar year S corporation, incurred the following transactions this year. Sales $3,773,600 Cost of goods sold 1,698,120 Long-term capital gain 377,360 Short-term capital loss 188,680 Political lobbying expenditures 188,680 Amortization of organizational expenditures 37,736 Salary expense 377,360 Rent expense 150,944 Tax-exempt interest income 377,360 Dividends paid to shareholders 113,208 What is Drab's ordinary business income? Drab Corporation's ordinary business income which passes through to each shareholder as of the last day of the corporation's tax year is
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