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New Corporation, a C corporation, had the following items for the current year, its first tax year in business: Net income from operations..........................................$ 3,000 Dividends
New Corporation, a C corporation, had the following items for the current year, its first tax year in business:
Net income from operations..........................................$ 3,000 Dividends received (from 10%-owned corporation)......30,000 Charitable contributions...................................................8,000 Net short-term capital loss...............................................9,000 Compute New Corporations taxable income. SHOW COMPUTATIONS! ALSO, give the nature and amount of any carryovers to next year.
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