Yes that should be correct.
See Pub 542 for more information and also the instructions for F1120
https://apps.irs.gov/app/picklist/list/priorFormPublication.html?resultsPerPage=200&sortColumn=sortO...
Going through F1120, capital gain is included in the total income section.
Deductions are listed below. In your example, barring any "limited" deductions, taxable income should be $75K.
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