Reference no: EM132805161
Question - Drab Corporation, a calendar year S corporation, had the following transactions.
Sales 1,500,000
Cost of Goods Sold 700,000
Long-term capital gain 10,000
Short-term capital loss 5,000
Political lobbying expenditures 5,000
Amortization of organizational expenditures 2,000
Salary expense 100,000
Rent expense 140,000
Tax-exempt interest 10,000
Dividends paid to shareholders 45,000
Required - What is Drab's taxable income?