Lake Corporation Is a Personal Holding Company No Dividends Are Paid During the Current Year or the Following

Lake Corporation is a personal holding company. Lake reports the following results for the current year: $\begin{array}{lr}\text { Rental income } & \$ 100,000 \\\text { Operating profit } & 80,000 \\\text { Dividend income } & 30,000 \\\text { Interest income } & 20,000 \\\text { Depreciation } & 30,000 \\\text { Mortgage interest expense } & 18,000 \\\text { Real estate taxes } & 8,000 \\\text { Other expenses } & 20,000\end{array}$ No dividends are paid during the current year or the 2- and- one- half- month throwback period. The mortgage relates to the rental properties. Calculate the adjusted income from rents exclusion from personal holding company income.