For the current taxable year, HIJ Inc. had gross receipts from operations of $230,000, operating and other expenses of $310,000, and $120,000 of dividends that it received from a 45 percent-owned domestic corporation. For the current taxable year, HIJ Inc. has taxable income or a net operating loss of what amount?

A. $8,000 taxable income.

B. $40,000 taxable income.

C. $56,000 net operating loss.

D. $80,000 net operating loss.

Question 3

NOP Inc. had the following income and expenses during the current taxable year. Its income from operations was $250,000, its expenses from operations were $120,000, its dividends received (from a 30 percent-owned corporation)) were $80,000, and it made cash charitable contributions of $30,000

How much is NOP Inc.s charitable contribution deduction for the current taxable year?

A. $14,600.

B. $21,000.

C. $26,000.

D. $30,000.