Question - Omen corporation's books disclosed the following data for the current year:
Gross income $300,000
Dividends received from a 75% owned corporation: $50,000
Business deductions: $360,000
Net short term capital loss $5,000
Net long term capital loss $20,000
Retained earnings, beginning of year book value: $250,000
Contingency reserve established at end of year: $50,000
What is Omen's Corporations taxable income for the current year?
A. (75,000)
b. (50,000)
c. (45,000)
d. (10,000)