Question
In 2020, Reid Incorporated, a manufacturer and retailer of computer parts, reported the following activity during the year: Gross Profit $77,610,835 Dividends from 26% owned
In 2020, Reid Incorporated, a manufacturer and retailer of computer parts, reported the following activity during the year:
Gross Profit $77,610,835
Dividends from 26% owned corporation 136,344
Operating Expenses 44,603,924
Charitable Contributions 6,517,830
Capital Gains 2,491,413
Capital Losses 2,538,342
The corporation has a net operating loss carryover from a prior year amounting to $27,034,980.
A) How much is the corporation's charitable contribution deduction?
B) How much is the corporation's dividends received deduction?
C)How much is the corporation's net operating loss deduction?
D) How much is the corporation's taxable income?
E) How much is the corporation's tax liability?
F) How much is the corporation's charitable contribution carryover?
G) How much is the corporation's net operating loss carryover?
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