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please solve Scroll down to complete all parts of this task. Action, Inc., is a calendar-year-end, accrual basis C corporation. For each independent situation below,
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Scroll down to complete all parts of this task. Action, Inc., is a calendar-year-end, accrual basis C corporation. For each independent situation below, calculate line 30, taxable income (loss), of Form 1120, U.S. Corporation Income Tax Return. The first column lists preliminary taxable income excluding additional tax return items shown in the second column. Indicate losses by using a leading minus (-) sign. For each item, enter the appropriate amounts in the associated cells. If the amount is zero, enter a zero (0) Preliminary taxable income (loss) Additional tax return item(s) Line 30 taxable income (loss) 1. $100,000 12 17 2. $160,000 122 3. $200,000 123 $250,000 $20,000 of charitable contributions $15,000 of charitable contributions $10,000 of charitable contributions and $20,000 of dividends from less-than- 20%-owned domestic corporations $40,000 of dividends received from a 45%-owned domestic corporation $10,000 of dividends received from a 10%-owned domestic corporation $5,000 of charitable contributions and $10,000 of dividends received from a 15%-owned domestic corporation $200,000 of dividends received from a 25%-owned domestic corporation 123 5. $80,000 123 6. $(40,000) 123 7. $(20,000) Step by Step Solution
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