Whyley Corporation,a C corporation,has gross profits on sales of $50,000 and deductible expenses of $60,000.In addition,Whyley has a net capital gain of $30,000.Whyley's taxable income is:

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Whyley Corporation's taxable income is calculated by subtracting deductible expenses from gross profits and then adding the net capital gain. So, $50,000 (gross profits) - $60,000 (expenses) = -$10,000 (loss). Adding the net capital gain of $30,000 results in a taxable income of $20,000.

Whyley Corporation,a C Corporation,has Gross Profits on Sales of $50,000