Hawkins Corporation Has $50,000 of Taxable Income Before Special Deductions

Multiple Choice

Hawkins Corporation has $50,000 of taxable income before special deductions. Taxable income includes an operating loss carryforward of $10,000 and $60,000 of dividend income received from other corporations in which Hawkins owns less than a 20% interest. What is Hawkins' taxable income?

A) $10,000
B) $25,000
C) $30,000
D) $50,000
E) $60,000