Fantino Inc.was incorporated in 2015 and adopted a calendar year for tax purposes.Here is a schedule of Fantino's taxable income for 2015 and 2016.Use Corporate tax rate schedule. In 2017,Fantino generated $297,300 ordinary income and recognized a $14,000 net capital loss.Which of the following statements is true?

Question

Fantino Inc.was incorporated in 2015 and adopted a calendar year for tax purposes.Here is a schedule of Fantino's taxable income for 2015 and 2016.Use Corporate tax rate schedule.   In 2017,Fantino generated $297,300 ordinary income and recognized a $14,000 net capital loss.Which of the following statements is true?

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The Answer of Fantino Inc.was incorporated in 2015 and adopted a calendar year for tax purposes.Here is a schedule of Fantino's taxable income for 2015 and 2016.Use Corporate tax rate schedule.   In 2017,Fantino generated $297,300 ordinary income and recognized a $14,000 net capital loss.Which of the following statements is true?