General Corporation has $900,000 of service revenue, a $15,000 capital loss, a $20,000 casualty loss, operating expenses

Question:

General has $900,000 of service revenue, a $15,000 capital loss, a $20,000 casualty loss, operating expenses of $685,000, and a charitable contribution of $25,000.
a. Determine General's separate taxable income.
b. What items must be determined on a consolidated basis?
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...