7. LNS Corporation reports revenues of $2,000,000. Included in the $2,000,000 is $15,000 of tax-exempt interest income. LNS reports $1,345,000 in ordinary and necessary business expenses. What is LNS Corporation’s taxable income for the year?

$640,000

Explanation:

The computation of the  LNS Corporation’s taxable income for the year is shown below:

= Revenues reported - tax exempt interest income - ordinary and necessary business expenses reported

= $2,000,000 - $1,345,000 - $15,000

= $640,000

We simply deduct the tax exempt interest income and the ordinary and necessary business expenses reported from the revenue reported

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