100 points 1 Skipped eBook Compute MV Corporation's 2022 taxable income given the following information relating to its year 1 activities. Also, compute MV's Schedule M-1 assuming that MV's federal income tax expense for book purposes is $100,000. Use Exhibit 16-7. Required: Gross profit from inventory sales of $500,000 (no book-tax differences). Dividends MV received from 25 percent-owned corporation of $100,000 (assume this is also MV's pro rata share of the distributing corporation's earnings). Expenses other than DRD, charitable contribution (CC), and net operating loss (NOL) are $350,000 (no book-tax differences). NOL carryover from 2021 of $10,000. Cash charitable contribution of $120,000. Print Complete this question by entering your answers in the tabs below. Required A Required B References Compute MV's Schedule M-1 assuming that MV's federal income tax expense for book purposes is $100,000. Note: Enter all values as positive numbers. Schedule M-1: Reconciliation of Income (Loss) per Books With Income per Return 1. Net income (loss) per books 2. Federal income tax per books 3. Excess of capital losses over capital gains 4. Income subject to tax not recorded on books this year (itemize) 5. Expenses recorded on books this year not deducted on this retum (temize): a. Depreciation b. Charitable contributions c. Travel and entertainment 8. Total 7. Income recorded on books this yeat not included on this return (Itemize): Tax-exempt interest 8. Deductions on this retum not charged against book income this year (itemize): a. Depreciation b. Charitable contributions 10. Income 0 $ 0 < Required A Required B > Check my work EXHIBIT 16-7 Stock Ownership and Dividends-Received Deduction Percentage Receiving Corporation's Stock Ownership in Distributing Corporation's Stock Less than 20 percent At least 20 percent but less than 80 percent 80 percent or more 19 Dividends-Received Deduction Percentage 50% 65 100