Question
Please show all work and citations Please answer fully, typed if possible and show all work and relevant citations 1) Robots, Inc. reports the following
Please show all work and citations
Please answer fully, typed if possible and show all work and relevant citations
1) Robots, Inc. reports the following financial data for the year:
Gross income from sales and services 200k
Wages, cost recovery and other expenses 180k
Dividend income from at least 20% owned Corp. 40k
Net Operating Loss Carryover 20k
Capital Losses 10k
Charitable Contribution Carryover 7k
Current charitable contributions11k
a) What is Robot's charitable contribution deduction?
b) How much of the charitable contribution carryover is used up
c) What is taxable income?
d) What is the dividend received deduction?
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