Elk, a C corporation, has $500,000 operating income and $350,000 operating expenses during the year. In addition, Elk has a $20,000 long-term capital gain and a $52,000 short-term capital loss. Elks taxable income is: Answer a. $98,000. b. $118,000. c. $150,000. d. $170,000. e. None of the above