Island Corporation Has the Following Income and Expense Items for the Year

Island Corporation has the following income and expense items for the year: $$\begin{array} { | l | r | } \hline \text { Gross receipts from sales } & \$ 60,000 \\\hline \text { Dividends received from 15\%-owned domestic corporation } & 40,000 \\\hline \text { Expenses connected with sales } & 30,000 \\\hline\end{array}$$ The taxable income of Island Corporation is

A) $100,000.
B) $70,000.
C) $47,000.
D) $42,000.