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15 September, 20:44

Trail Corporation has gross profits on sales of $140,000 and deductible expenses of $180,000. In addition, Trail has a net capital gain of $60,000. Trail's taxable income is Group of answer choices1. $20,000.00 2. $20,000.00 Loss3. $40,000.00 Loss 4. $60,000.00

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  1. 15 September, 20:57
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    1. $20,000

    Explanation:

    Given: Gross Profits on sale $140,000

    Deductible Expenses $180,000

    Net Capital Gain: $60,000

    An individual's taxable income is arrived at, by including all incomes and gains and deducting those losses and expenses which are allowed to be claimed or qualify for deduction.

    Taxable Income = Gross Profit + Capital Gain - Deductible expenses

    Taxable Income = $140,000 + $60,000 - $180,000

    Taxable Income = $20,000
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Home » Business » Trail Corporation has gross profits on sales of $140,000 and deductible expenses of $180,000. In addition, Trail has a net capital gain of $60,000. Trail's taxable income is Group of answer choices1. $20,000.00 2. $20,000.00 Loss3. $40,000.00 Loss 4.
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