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Determine the amount of taxable income and separately stated items in each of the cases below. Assuming the corporation is a Subchapter S corporation. Ignore

Determine the amount of taxable income and separately stated items in each of the cases below. Assuming the corporation is a Subchapter S corporation. Ignore any carryforward items. a. Corporate financial statement net income of $52,000 including tax expense of $15,000, charitable contributions of $3000, and depreciation expense of $37,000, Depreciation expense for tax purposes is $46,000. b. Corporate financial statement net income of $139,000 including tax expense of $68,000, charitable contributions of $28,000, depreciation expense of $103,000, and meals expenses of $31,000. Depreciation expense for tax purposes is $145,000. c. Corporate financial statement: net income of $226,000 including tax expense of $111,000, charitable contributions of $16,000, municipal bond interest of $19,000, meals expense of $41,000, capital gains of $6,000 and depreciation expense of $142,000. Depreciation expense for tax purposes is $131,000, and the corporation has $7000 charitable contribution carryforward for the current year.

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