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Compute the taxable income for the current year given the following information: Gross profit from sales - $500,000 Dividends received from 25 owned corporation -

Compute the taxable income for the current year given the following information:

Gross profit from sales - $500,000
Dividends received from 25 owned corporation - $100,000
Operating expenses - $350,000
Cash charitable contributions - $120,000

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