Reference no: EM132810154
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
Problem 1: What is Drab's taxable income?
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