1)

XYZ Corporation started operations on 1/1/2020. For the year of 2020, XYZ has the following information Revenue $ 200,000 COGS 20,000 Rent Expense 2,000 Salaries Expense 5,000 Organizational Expenses 25,000 Assuming that XYZ Corporation wants to minimize the tax expense for 2020, calculate income tax expense for the year ending December 31, 2020.

2)

XYZ corporation has the following transactions for the year ending December 31, 2016:

Sales $ 7,500,000 COGS 1,500,000 Rent expense 1,500,000 Depreciation 1,700,000 Charitable contribution to a qualified organization 2,000,000 Dividends income from a 19% owned subsidiary 750,000

Calculate income tax expense for XYZ for the year.

3)

XYZ corporation has the following transactions for the year ending December 31, 2016:

Sales $ 20,000,000 COGS 2,500,000 Rent expense 1,000,000 Depreciation 1,200,000 Dividends income from a 19% owned subsidiary 200,000 In addition, during 2016, XYZ made the following contributions to qualified organizations:

FMV Adjusted basis Cash 300,000 300,000 Inventory 1,200,000 400,000 Bed sheets to a local hospital (the hospital will use the sheets) 700,000 650,000 Calculate taxable income for XYZ for the year.