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In 2020, Reid Incorporated, a manufacturer and retailer of computer parts, reported the following activity during the year: Gross Profit $77,061,964 Dividends from 26% owned

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In 2020, Reid Incorporated, a manufacturer and retailer of computer parts, reported the following activity during the year: Gross Profit $77,061,964 Dividends from 26% owned corporation 182,600 Operating Expenses 41,023.946 Charitable Contributions 8,115,410 Capital Gains 2.652.450 Capital Losses 2.058.013 In addition, Reid has a net operating loss carryover from 2017 amounting to $34.027,980 A: Calculate Reid's taxable income and tax liability. (10 points) B: Calculate Reid's charitable contribution carryover and net operating loss carryover to 2021 (2 points each)

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