Trail Corporation Has Gross Profits on Sales of $140,000 and Deductible

question 33

Multiple Choice

Trail 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)a $20,000 loss.
• B)a $40,000 loss.
• C)$60,000.
• D)$20,000.

---

Definitions:

Piaget

Refers to Jean Piaget, a Swiss psychologist known for his pioneering work in child development and his theory of cognitive development.

Cognitive Development

The formation and evolution of mental processes like recall, solving problems, and making choices, from early childhood, through the teen years, into maturity.

Egocentrism

The inability to differentiate between one's own perspective and someone else's perspective, often seen in early childhood development.

Animism

The belief that objects, places, and creatures all possess a distinct spiritual essence, prevalent in many indigenous religions.