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.

Required:

a$.$ Corporate financial statement: net income of $$54,000$ including tax expense of $$15,800,$ charitable contributions of $$3,000,$ and depreciation expense of $$38,200.$ Depreciation expense for tax purposes is $$47,280.$

b$.$ Corporate financial statement: net income of $$142,200$ including tax expense of $$69,200,$ charitable contributions of $$28,000,$ depreciation expense of $$105,000,$ and nonrestaurant meals expenses of $$31,800.$ Depreciation expense for tax purposes is $$147,400.$

c$.$ Corporate financial statement: net income of $$229,600$ including tax expense of $$112,440,$ charitable contributions of $$16,000,$ municipal bond interest of $$20,040,$ nonrestaurant meals expenses of $$43,400,$ capital gains of $$6,400,$ and depreciation expense of $$144,800.$ Depreciation expense for tax purposes is $$133,000,$ and the corporation has a $$7,280$ charitable contribution carryforward for the current year.

Complete the question by entering your answers in the tabs below.

Required $A$

Required B

Corporate financial statement: net income of $$54,000$ including tax expense of $$15,800,$ charitable contributions of $$3,000,$ and depreciation expense of $$38,200.$ Depreciation expense for tax purposes is $$47,280.$

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