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.