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Can anybody provide clear instructions of this problem #8 Q Corporation has an NOL carryforward-45,000 and the following information: Book Net Income B-TDifferences Taxable Income
Can anybody provide clear instructions of this problem
#8 Q Corporation has an NOL carryforward-45,000 and the following information: Book Net Income B-TDifferences Taxable Income (all are assumed except for charitable) 500,000 Gross Profit Operating expenses Charitable contributions Dividend Income Net Income 520,000 +5,000 (255,000) 40,000 +20,000 (260,000) (90,000) 80,000 230,000 40,000 How much is modified taxable income? How much is the charitable contribution deduction for tax? What is taxable incomeStep by Step Solution
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