Chapter 11 Group 2 Problems 3, 5, 10 - answer and explain the process 3. For the 2022 tax year, Ilex Corporation has ordinary income of $200,000, a short-term capital loss of $30,000 and a long-term capital gain of $10,000. Calculate Ilex Corporation's tax liability for 2022 5. Fisafolia Corporation has gross income from operations of $210,000 and operating expenses of $150,000 for 2022. The corporation also has $30,000 in dividends from publicly-traded domestic corporations in which the ownership percentage was 45 percent. a. Calculate the corporation's dividends received deduction for 2022. b. Assume that instead of $210,000, Fisafolia Corporation has gross income from operations of $135,000. Calculate the corporation's dividends received deduction for 2022. c. Assume that instead of $210,000, Fisafolia Corporation has gross income from operations of $148,000. Calculate the corporation's dividends received deduction for 2022. 10. The Loquat Corporation has book net income of $50,000 for the current year. Included in this figure are the following items, which are reported on the corporation's Schedule M-1, Reconciliation of Income (Loss) per Books with Income per Return. Federal income tax expense $ 7,500 Depreciation deducted on the books which is not deductible for tax purposes Deduction for 50 percent of meals expense which is not allowed for tax purposes Deduction for entertainment not allowed for tax purposes Tax-exempt interest income included in book income but not in tax income 10,000 5,500 2,000 4,200 Calculate Loquat Corporation's taxable income for the current year based on the information given. Show your calculations