In 2023, Reid Incorporated, a manufacturer and retailer of computer parts, reported the following activity during the year:

Gross Profit $77,061,358

Dividends from 26% owned corporation 168,064

Operating Expenses 41,450,057

Charitable Contributions 9,347,002

In addition, Reid has a net operating loss carryover from 2021amounting to $34,027,980

A: Calculate Reids taxable income and tax liability. (10 points)

B: Calculate Reids charitable contribution carryover and net operating loss carryover to 2023