Elk,a C Corporation,has $400,000 Operating Income and $350,000 Operating Expenses

Multiple Choice

Elk,a C corporation,has $400,000 operating income and $350,000 operating expenses during the year.In addition,Elk has a $30,000 long-term capital gain and a $52,000 short-term capital loss.Elk's taxable income is:

A) ($2,000) .
B) $28,000.
C) $50,000.
D) $80,000.
E) None of the above.