Elk, a C Corporation, Has $370,000 Operating Income and $290,000

question 109

Multiple Choice

Elk, a C corporation, has $370,000 operating income and $290,000 operating expenses during the year.In addition, Elk has a $10,000 long-term capital gain and a $17,000 short-term capital loss.Elk's taxable income is:

• A)$63,000.
• B)$73,000.
• C)$80,000.
• D)$90,000.
• E)None of the above.

---

Definitions:

Presidential Candidate

An individual who runs for the presidency, participating in electoral campaigns to gain support for their leadership of a country.

George H.W. Bush

The 41st President of the United States, serving from 1989 to 1993, known for his leadership during the Gulf War and for being the father of the 43rd President.

Soviet Union

A socialist state on the Eurasian continent that existed from 1922 to 1991, officially known as the Union of Soviet Socialist Republics (USSR), comprising Russia and other republics.