Francine Corporation reports the following income and expense items for the tax year ending December 31: $\begin{array}{lr}
\text { Gross receipts from sales } & \$ 50,000 \
\text { Dividends reoived from } 15 \% \text { - owned domestic corporation } & 30,000 \
\text { Expenses connected with sales } & 20,000
\end{array}$ What is Francine Corporation's taxable income?

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The Answer of Francine Corporation reports the following income and expense items for the tax year ending December 31: $\begin{array}{lr}
\text { Gross receipts from sales } & \$ 50,000 \
\text { Dividends reoived from } 15 \% \text { - owned domestic corporation } & 30,000 \
\text { Expenses connected with sales } & 20,000
\end{array}$ What is Francine Corporation's taxable income?

Francine Corporation Reports the Following Income and Expense Items for the Tax