2022 Corp X (Corp. Aggregate Receipts > $27 Mil.)

100% Owned by Shareholder A

Business Income - $1,000,000

NYS Bond Interest - $2,000

Dividend received from 25% owned Corporation - $8,000

Business Expenses - $150,000

Reasonable Compensation - $500,000

Compensation of Family Members Not Active in the Company - $100,000

Capital Loss $5,000

Interest Expense paid to Bank - $250,000

179 Depreciation Tractor - $25,000

Bonus Depreciation Heavy Truck - $50,000

Questions:

What is taxable income? _______________ Show calculation.

What is 2022 E&P? _______________ Show calculation.

Does shareholder A receive any dividend? _______________ Show calculation.

If yes to #3, how much? _______________

If aggregated corporate receipts are under $27 million, what is the taxable income? _______________ Show calculation.