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Trail Corporation, a C corporation, has gross profits on sales of $140,000 and deductible expenses of $180,000. In addition, Trail has a net capital gain of $60,000. Trail's taxable income is ' a$20,000 loss. ' a$40,000 loss. $60,000. 7" $20,000. Question 4 2 pts Organizational expenditures include all of the following excep_t for ' costs incurred when issuing stock. ' legal costs incident to the creation of the corporation. ' expenses of organizational meetings. " fees paid to the state of incorporation