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What is Drab ordinary business income

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Problem - Drab, a calendar year S corporation, incurred the following this year. What is Drab's ordinary business income?

Sales $1,500,000

Cost of goods sold 700,000

Long-term capital gain 10,000

Short-term capital loss 5,000

Political lobbying expenditures 5,000

Amortization of organizational expenditures 2,000

Salary expense 100,000

Rent expense 140,000

Tax-exempt interest 10,000

Dividends paid to shareholders 45,000

Reference no: EM132673394

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