The Lagerstroemia Corporation was formed on January 1 of the current year. Calculate the Lagerstroemia Corporation's taxable income or loss for the current year given the following information Gross receipts $255,000 Cost of goods sold 150,000 Dividend income (from 10-percent-owned domestic corporation) 35,000 Interest income 10,000 Business expenses (other than organizational costs) 120,000 Organizational costs expensed 5,000 Taxable income/(loss) $

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