Drab Corporation, a calendar year S corporation, had the following transactions during
Drab Corporation, a calendar year S corporation, had the following transactions during
2017:
Sales$1,500,000
Cost of Goods Sold$700,000
Long-term capital gain$10,000
Short-term capital loss$5,000
Political lobbying expenditures$5,000
Amortization of organizational expenditures$2,000
Salary expense$100,000
Rent expense$140,000
Tax-exempt interest income$10,000
Dividends paid to shareholders$45,000
Q:
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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