IV. (21 Points) Corporations P, S, and T have the following income and expenses for 2020. In addition, Corporation Pis owned 100% by individual A. Corporation Sis owned 100% by P. Corporation T was newly purchased on January 12, 2020, by P and S who each own a 50% interest. All corporations keep their books on a calendar year. Corporation has a capital loss carry forward of $7,000 while Corporation T has a net operating loss carry forward of $30,000 from a separate return year. P S T Gross receipts $ 202,000 $ 61,000 $ 33,000 Dividends From S 20,000 From GE (8% 25,000 owned) Long-term capital 15,000 gain Total income 237,000 61,000 58,000 Deductions General and admin 170,000 60,000 32,000 Charitable 5,000 contribution 22.000 10,000 Depreciation 5,000 Total deductions 197,000 70,000 37,000 Taxable income 40,000 (9,000) 21,000 before NOL and DRD DRD 20,000 12,500 NOL 30,000 Net income 20,000 (9,000 (38,500) IV. (21 Points) Corporations P, S, and T have the following income and expenses for 2020. In addition, Corporation Pis owned 100% by individual A. Corporation Sis owned 100% by P. Corporation T was newly purchased on January 12, 2020, by P and S who each own a 50% interest. All corporations keep their books on a calendar year. Corporation has a capital loss carry forward of $7,000 while Corporation T has a net operating loss carry forward of $30,000 from a separate return year. P S T Gross receipts $ 202,000 $ 61,000 $ 33,000 Dividends From S 20,000 From GE (8% 25,000 owned) Long-term capital 15,000 gain Total income 237,000 61,000 58,000 Deductions General and admin 170,000 60,000 32,000 Charitable 5,000 contribution 22.000 10,000 Depreciation 5,000 Total deductions 197,000 70,000 37,000 Taxable income 40,000 (9,000) 21,000 before NOL and DRD DRD 20,000 12,500 NOL 30,000 Net income 20,000 (9,000 (38,500)