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C Corporations 14-33 22. Charitable Contributions. (Obj. 2) An accrual basis corporation reports the following income and expenses for 2017. The corporation does not manufacture
C Corporations 14-33 22. Charitable Contributions. (Obj. 2) An accrual basis corporation reports the following income and expenses for 2017. The corporation does not manufacture the merchandise that is sells, and therefore is not entitled to the domestic production activities deduction. Gross sales and receipts Returns and allowances Cost of goods sold Interest received Rent expense Wage expense Charitable contributions $700,000 12,000 330,000 20,000 55,000 140,000 12,000 75,000 15,000 Other operating expenses Depreciation expense a. Compute the corporation's taxable income for the 2017 tax year
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