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3. Timex Corporation reports the following results for the current year: a. Gross profits on sales $150,000 b. Dividends from less than 20% owned domestic
3. Timex Corporation reports the following results for the current year: a. Gross profits on sales $150,000 b. Dividends from less than 20% owned domestic corporation $30,000 c. Operating expenses $75,000 d. Charitable contributions in cash $13,000 What is Timex's charitable contribution deduction for the current year and is there a charitable contribution carryover available to the following year? What is Timex's taxable income for the current year assuming qualifies production activities income is $30,000
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