LNS Corporation reports revenues of $2,100,000. Included in the $2,100,000 is $27,250 of tax-exempt interest income. LNS reports $1,507,500 in ordinary and necessary business expenses. What is LNS corporation’s taxable income for the year?

Net taxable income = $565,250

Explanation:

Given:

Revenue during the year = $2,100,000

Tax-exempt income = $27,250

Expenses during the year = $1,507,500

Computation of Gross taxable income:

It is given that revenue of $2,100,000 include tax exempt income of $27,250.

So,

Gross taxable income = Revenue during the year - Tax-exempt income

Gross taxable income = $2,100,000 - $27,250

Gross taxable income = $2,072,750

Computation of Net taxable income:

Net taxable income = Gross taxable income - Expenses during the year

Net taxable income = $2,072,750 - $1,507,500

Net taxable income = $565,250

muslims control the north africa during the period of 1500 up

to 1800. they made a barrier to prevent further european exploration from

entering the africa from the north. however, the dutch ware still able to move

toward the interior with having south africa as one of the routes leading to

the east for trading with asia.