Champion Corporation reported the following results for the current$$ year:

Gross profits on sales

$$211,000$

Short$-$term capital gain

$65,000$

Long$-$term capital gain

$11,000$

Dividends from $25\%-$owned domestic corporation

$25,000$

NOL carryover from the preceding tax year

$(4,000)$

Operating expenses

$102,000$

Requirement:

Based on the information provided, please calculate Champion's taxable income and income tax$$ liability

Step $1.$ Begin by computing Champion$\text{'}$s taxable income before special$$ deductions, then calculate the taxable income.

Step $2.$ Compute Champion's income tax liability