A Us entity that begin business last year shows the following information in its current year financial statement records:

Net Income per Books: 600,000

Included in Net Income per Books are the following items:

Federal Income Tax Expense 150,000

Property Taxes 30,000

Dividends Received from a 17% Owned Corporation 200,000

Net 1231 Loss 45,000

Short-Term Capital Gain 55,000

Long- Term capital Gain 75,000

Short term capital loss 25,000

Charitable Contributions 60,000

Last year, the entity generated a tax loss of 30,000

Required (a and b):

a) Assume that the corporation is a C corporation. Provide a schedule showing the corporation's taxable income for the year.

b) Assume that the corporation is an S corporation. Compute the corporation's non-separately stated ( ordinary income) and separately stated items.