Trail Corporation has gross profits on sales of $140,000 and deductible expenses of $180,000. In addition, Trail has a net capital gain of $60,000. Trail's taxable income is

Name: Trail Corporation has gross profits on sales of $140,000 and deductible expenses of $180,000. In addition, Trail has a net capital gain of $60,000. Trail's taxable income is
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Question

Quizplus · Accepted Answer

Taxable income = Gross profits on sales - Deductible expenses + Net capital gain= $140,000 - $180,000 + $60,000= $20,000

Trail Corporation Has Gross Profits on Sales of $140,000 and Deductible