In its first taxable year,Platform,Inc.generated a $100,000 net operating loss and made a $10,000 cash donation to a local charity.In its second year,Platform generated $350,000 operating income and made a $20,000 donation to the same charity.Compute Platform's taxable income for its second year.

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Platform's net operating loss carryforward from its first year is $100,000. In its second year, Platform generated $350,000 operating income, which is reduced by the $100,000 net operating loss carryforward, resulting in taxable income of $250,000. The $20,000 donation to the charity is deductible, reducing taxable income to $230,000.

In Its First Taxable Year,Platform,Inc