1. Alsop Corporation, a calendar year C Corp, had the following income and expenses in 2019:

Income from Operations $385,000

Expenses from Operations 185,000

Dividends Received (30% ownership) 70,000

Capital Loss Carry back 22,000

Charitable Contribution 115,000

a. What is Alsop Corporations charitable deduction for 2019?

b. What happens to the portion (if any) that is not deducible?

2. ABC is a sole proprietorship owned by Clark. The companys records show the following:

Sales Revenue 275,000

Interest on State of Kansas bonds 5,000

Operating Expenses 145,000

Depreciation book purposes 17,000

Depreciation tax purposes 22,000

Loss on sale of truck to Clarks granddaughter 4,000

Fines to the U.S. govt. for violation of emission standards 15,000

1. Compute ABCs net income per books before tax.
2. Compute ABCs taxable income.