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What is hy-text taxable income

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Reference no: EM132823719

HY-Text, Inc., a calendar-year cash-basis corporation, had the following transactions during the year:

Net income per books (after tax estimates) $100,000

Federal income tax paid 22,250

Excess of capital losses over capital gains 5,000

Interest from municipal bonds 11,000

Expenses related to municipal bond interest 500

Problem 1: What is HY-Text's taxable income?

A. $116,750

B. $127,750

C. $77,750

D. $139,000

Reference no: EM132823719

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