Compute MV Corp.'s (LLC) 2016 taxable income given the following information relating to it's year 1 activities. Also, compute MV's schedule M-1 assuming that MV's federal income tax expense for book purposes is $100,000.

Gross Profit from inventory sales of $500,000 (no book/tax differences)

Dividends MV received from 25% owned corporation of $100,000 (this is also MV's pro rata share of the distributing corporation's earnings)

Expenses other than DRD, charitable contribution (CC), net operating loss (NOL), and domestic production activities deduction (DPAD) are $350,000 (no book/tax differences)

NOL carryover from prior year of $100,000

Cash charitable contribution of $120,000

Domestic production activities deduction of $5,000 (wage limitation does not apply).