Final answer:
The income before extraordinary items, assuming a tax rate of 40%, is $200,000 and the income before extraordinary items after taxes is $80,000.
Step-by-step explanation:
The income before extraordinary items can be calculated by subtracting the extraordinary loss from the income before taxes. In this case, the income before taxes is $250,000 and the extraordinary loss is $50,000. Therefore, the income before extraordinary items is $250,000 - $50,000 = $200,000.
To calculate the income before extraordinary items after taxes, we need to multiply the income before extraordinary items by the tax rate of 40%. Therefore, the income before extraordinary items after taxes is $200,000 * 0.40 = $80,000.