Dexter Corporation Reports the Following Results for the Current Year

question 98

Essay

Dexter Corporation reports the following results for the current year:
$\begin{array}{ll}\text { Gross income from operations } & \$ 90,000 \\\text { Dividends from less than } 20 \% \text {-owned corporations } & 50,000 \\\text { Operating expenses } & 75,000 \\\text { Charitable contributions } & 10,000\end{array}$ In addition, Dexter has a $25,000 NOL carryover from the preceding tax year. What is Dexter's taxable income for the current year?

---

Definitions:

Gene Therapy

A technique that modifies a person's genes to prevent or treat disease, often involving replacing malfunctioning genes with functional ones.

BRCA Analysis

Genetic testing to identify mutations in the BRCA1 and BRCA2 genes, which increase the risk of several types of cancer, particularly breast and ovarian cancer.

Polymerase Reaction

A laboratory technique used to make millions of copies of a specific DNA sequence, facilitating the study and detection of genetic material.

DNA Fingerprinting

A technique used to identify individuals by analyzing characteristics of their DNA that are unique to them.