Case Facts:

Lubbock Corporation reported the following activity in 2019:

Income from operations:$2,000,000

Deductions from operations before

Special items: (1,300,000)

Dividends from 15% owned corporations100,000

Total business meals (40,000)

Total charitable contribution (limited by 10%)(130,000)

NOL carryover from previous year(35,000)

Calculate the following in good form assuming Business meals are 50% deductible and that the limitation for charitable contributions has gone back to 10% from the 25% shown in the text:

1.Corporate taxable income

2.Corporate tax liability

3.Charitable contribution carryover (if any)