Lucy Corporation is a calendar-year taxpayer with the following income and expense items for the current year:

Gross profit from sales	$300,000
Dividends from 10%-owned corporations
(not from debt-financed portfolio stock)	30,000
Salary expense	150,000
Interest expense	90,000
Property tax expense	70,000
Depreciation	40,000
Charitable contributions	12,000

What is the net operating loss for the current year?

Answers

• A.$35,000
• B.$39,500
• C.$47,000
• D.$20,000