The lagerstroemia corporation was formed on January 1 of the current year. Calculate the lagerstroemia corporations taxable income or loss for the current year given the following information.

Gross receipts $255,000

cost of goods sold $150,000

Dividend income ( from 10- percent owned domestic corporation) 35,000

interest income 10,000

business expenses ( other than organizational costs) 120,000

organizational costs expensed 5,000

taxable income/ (loss) $