Jason operates his business as a C Corporation.For the year, the business income is $120,000, business expenses are $20,000, and there is a $2,000 capital loss as a result of a stock sale.What is the C Corporation's taxable income for the year?
A)$120,000
B)$118,000
C)$100,000
D)$98,000

Question

Quizplus · Accepted Answer

The taxable income for a C Corporation is calculated by subtracting business expenses and capital losses from business income. Here, $120,000 (income) - $20,000 (expenses) - $2,000 (capital loss) = $98,000.

Jason Operates His Business as a C Corporation