The Lagerstroemia Corporation Was Formed on January 1 of the Current

The Lagerstroemia Corporation was formed on January 1 of the current year. Calculate the Lagerstroemia Corporation's taxable income or loss for the current year given the following information:
​ $\begin{array}{lr}\text { Gross receipts } & \$ 255,000 \\\text { Cost of goods sold } & 150,000 \\\text { Dividend income (from 10-percent-owned domestic corporation) } & 35,000 \\\text { Interest income } & 10,000 \\\text { Business expenses (other than organizational costs and charitable } & 120,000 \\\text { contributions) } & 5,000 \\\text { Charitable contributions } & 5,000\\\text { Taxable income/(loss) }&\$\end{array}$