Question
Apple Corporation is a domestic C corporation. Apple reports the following results for 2022: Gross profit on sales $ 260,000 Operating expenses 100,000 Charitable contributions
Apple Corporation is a domestic C corporation. Apple reports the following results for 2022:
Gross profit on sales $ 260,000 Operating expenses 100,000 Charitable contributions (all cash) 70,000 Dividends from Walker, Inc. (see note below) 10,000 Dividends from Claisin, Inc. (see note below) 5,000 - Walker, Inc. is a domestic C corporation. Apple owns 60% of Walker, Inc. - Claisin, Inc. is a foreign corporation with all operations in South America. Apple owns 8% of Claisin, Inc. - The company also has a ($30,000) NOL carryforward that originated in 2016.
What is Apple Corporations taxable income for 2022?
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