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morningstar corporation report the following results for the current year: Gross income from operation 90,000 dividends from less than 20%-owned corporation 50,000 Operating expenses 75,000

morningstar corporation report the following results for the current year:

Gross income from operation 90,000

dividends from less than 20%-owned corporation 50,000

Operating expenses 75,000

charitable contributions 10,000

In addiction, the corporation has a 25,000 NOL carryover from the preceding tax year.

Compure taxable income and tax liability for the currenty year.

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