Moe, Larry, and Curley, 3 unrelated individuals, own the stock in Acme Corporation. Moe and Larry each own 30 shares and Curly owns 40 shares. Acme redeems 20 of Curly's shares (basis of $175,000 ) for $250,000. Acme has $700,000 of accumulated earnings and profits. As a result of this transaction, Curly has: Dividend Income of $250,000 No Income or Loss Ordinary Income of $75,000 Capital gain of $75,000 Gray Corporation has the following activity for year ending December 31, 2021 : Sales $500,000 Operating Expenses (200,000) Interest Income $25,000 Interest Expense (150,000) Depreciation (35,000) Gray's avergae annual receipts is $30 Million What is Gray's taxable income? $115,000$140,000$192,500$175,000 Moe, Larry, and Curley, 3 unrelated individuals, own the stock in Acme Corporation. Moe and Larry each own 30 shares and Curly owns 40 shares. Acme redeems 20 of Curly's shares (basis of $175,000 ) for $250,000. Acme has $700,000 of accumulated earnings and profits. As a result of this transaction, Curly has: Dividend Income of $250,000 No Income or Loss Ordinary Income of $75,000 Capital gain of $75,000 Gray Corporation has the following activity for year ending December 31, 2021 : Sales $500,000 Operating Expenses (200,000) Interest Income $25,000 Interest Expense (150,000) Depreciation (35,000) Gray's avergae annual receipts is $30 Million What is Gray's taxable income? $115,000$140,000$192,500$175,000