Action, Inc. is a calendar year, accrual-basis C corporation. For each independent situation below, calculate the corporation's taxable income (loss) on its Form 1120, U.S. Corporation Income Tax Return. Column A lists preliminary taxable income excluding additional tax return items shown in column B. Enter the taxable income (loss) in the associated cells in column C.

1 Preliminary Taxable Income (Loss) Additional Tax Return Item(s) Form 1120 Taxable Income (Loss) 2 $100,000 123 $20,000 of charitable contributions $15,000 of charitable contributions 3 123 $160,000 123 4 $200,000 $10,000 of charitable contributions, and $20,000 of dividends from less-than-20%-owned domestic corporations 123 5 5 $250,000 $40,000 of dividends received from a 45%-owned domestic corporation 123 6 $80,000 $10,000 of dividends received from a 10%-owned domestic corporation, and a $20,000 net operating loss carryover from the prior year 123 7 ($40,000) $5,000 of charitable contributions and $10,000 of dividends received from a 15%-owned domestic corporation 123 8 ($20,000) $200,000 of dividends received from a 25%-owned domestic corporation