Oakland Corporation reported a net operating loss of $500,000 in 20X3 and elected to carry the loss forward to 20X4. Not included in the computation was a disallowed meal and entertainment expense of $20,000, tax-exempt income of $10,000, and deferred gain on an installment sale of $250,000. The corporation's current earnings and profits for 20X3 would be:

A. ($500,000)

B. ($720,000)

C. ($510,000)

D. ($260,000)

Answer rating: 100% (QA)

Answer D 260000 Net Operating Loss Less ... View the full answer