Velvet Corporation has revenues of $340,000 and deductible expenses of $350,000 It also received a $40,000 dividend from a corporation in which it owns 10 percent What is the corporation 's taxable income ...

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Velvet Corporation has revenues of $340,000 and deductible expenses of $350,000. It also received a $40,000 dividend

Question:

Velvet has revenues of $340,000 and deductible expenses of $350,000. It also received a $40,000 from a in which it owns 10 percent. What is the corporation's taxable income?
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may... Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...