Question - Boles, a calendar year S Corporation has the following:
Gross Receipts of $70,000; Tax Exempt Interest Income of $4,000; Dividends of $10,000; Supplies Expense of $3,000; and Utilities Expense of $1,500. What amount is the S Corporation's ordinary taxable income?
A) $65,500
B) $79,500
C) $70,000
D) $75,500