Louisiana Land Corporation reported the following results for the current year: What is the amount of the taxable income for the current year?

Question

Louisiana Land Corporation reported the following results for the current year:  What is the amount of the taxable income for the current year?

Quizplus · Accepted Answer

The taxable income can be calculated using the formula: 
Taxable Income = Total Income - Deductions 
From the given results, Total Income = $500,000 and Deductions = $232,000. 
Therefore, Taxable Income = $500,000 - $232,000 = $268,000. 
Hence, the correct choice is B.

Louisiana Land Corporation Reported the Following Results for the Current