Homework Answers
Net income = Operating income - operating expenses
= $300000 - $200000
=$100000
Income tax liability = $100000 × 21%
= $21000
Note - Since there is a net capital loss, ($5000 - $35000 = -$30000), C Corporations are not allowed to set off their capital losses from operating/ ordinary income in a current year.
Therefore, the tax liability for the year is , $21000.
So, the correct answer is option b, $21000.
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