Albatross, a C corporation, had $140,000 net income from operations and a $25,000 short-term capital loss in the current year. Albatross Corporation's taxable income is $140,000.

Question

Quizplus · Accepted Answer

Albatross Corporation's taxable income is calculated by subtracting the short-term capital loss from the net income from operations. Therefore, the taxable income is $140,000 - $25,000 = $115,000.

Albatross, a C Corporation, Had $140,000 Net Income from Operations