Global Corp reported taxable income in 2023 of $400,000. This includes interest income of $15,000 and business interest expense of $200,000. What amount of the business interest is deductible in 2023?

Eagle Corp has taxable income of 100,000 before the Dividends Received Deduction. There is $20,000 of dividend income included in taxable income. The dividend income is from a stock investment which Eagle Corp owns just 2$. What is Eagle Corp's taxable income AFTER the DRD?

IDK had an NOL in 2022 that it elected to carryforward to 2023 in the following scenarios

	2022	2023 (Scenario1)	2023 (Scenario2)
Income (Loss) before NOL	(75,000)	50,000	125,000
NOL allowed	n/a
Taxable income after NOL	n/a

Marly Corporation began operations in 2022. Below is the following financial results for Marly in 2022 and 2023. Determine Marly Corp's taxable income for both years.

	2022	2023
Sales Revenue	25,000	30,000
Expenses	(16,000)	(18,000)
Net Capital Gains/(Losses)	(3,000)	5,000
What is Taxable Income for the year?

Year 1: Chip Corp had taxable income before taking a charitable contribution deduction of $25000. They made $4,000 in charitable donations that year.

Year 2: Chip Corp had taxable income before taking a charitable contribution deduction of $40,000. Charitable contributions that year were $2,000.

How much is Chip Corp's charitable contribution deduction in Year 1 and Year 2 after considering the charitable contribution limitation?

.

Chip Corp's charitable contribution deduction in Year 1
Chip Corp's charitable contribution deduction in Year 2

  

For the following questions, respond using the format mm/dd/yy:

2. A calendar corporation needs to file its 2023 tax return. When is it due?
4. If the company wants to extend its return, what is the extended due date?

Pit Corp has to file its estimated taxes for 2023. Below is a worksheet to help with these calculations.

Pit will use the PY tax for its Q1 payment, and the Annualization method for its Q2, Q3, and Q4 annual required payments. The information needed is included in the table. Help Pit to complete the worksheet:

	Estimated tax income for annualization	Annualization Factor	Annualized Estimated Taxable income	Estimated Tax (21%)	Required Annual Payment %	Required YTD Payment	Prior payments	Quarterly amount due	Notes
Q1	n/a	n/a	n/a	use PY Tax	25%	45,000	0	45,000	PY Tax = $200,000
Q2	200,000	12/3	800,000	168,000	50%	84,000	45,000	39,000	annualized method using 3 months tax income
Q3	450,000	12/6			75%				annualized method using 6 months tax income
Q4	750,000	12/9			100%				annualized method using 9 months tax income