RECOMMENDED!!ACCT 324-Drab Corporation, a calendar year S corporation,
Drab Corporation, a calendar year S corporation, had the following transactions during 2017:Sales$1,500,000Cost of Goods Sold$700,000Long-term capital gain$10,000Short-term capital loss$5,000Political lobbying expenditures$5,000Amortization of organizational expenditures$2,000Salary expense$100,000Rent expense$140,000Tax-exempt interest income$10,000Dividends paid to shareholders$45,000Q:Drab Corporation’s taxable income which passes through to each shareholder as of the last day of the S corporation’s tax year is
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