Price Corporation, Bucek Corporation, and Askews Corporation have the following income and expenses for the year. Assume that each corporation owns between 20% and 80% of any dividend- paying corporation. Calculate each corporation's dividend received deduction ("DRD"). Price Corp. 900,000 Bucek Corp. 900,000 (960,000) (800,000) 200,000 280,000 50,000 Operating Income Askews Corp. 900,000 Operating (1,080,000) Expenses Dividends Received Step 1: Step 2: Step 3: DRD QUESTION 5 (CHAPTER 18) Melissa transfers the following assets to Moser Corporation in exchange for all of its stock. Assume that neither Melissa nor Moser Corporation makes a special tax election at the time of incorporation. Please fill in the blanks in the following tables to help Moser Corporation determine its basis in the assets contributed by Melissa. Please specify a loss by bracketing the number. In other words, a loss of 10,000 should be written as (10,000). Melissa Tax Basis FMV Built-In Gain/Loss Machine Inventory 85,000 75,000 60,000 65,000 Building 82,000 60,000 Total 227,000 200,000 3 Moser Corporation Unadjusted Tax Basis Adjustment Adjusted Tax Basis Machine 85,000 Inventory 60,000 Building 82,000 (a) Monroe Corporation has the following income and expenses for 2022: Operating income Operating expenses Dividend income Dividend received deduction Long-term capital gain 33,000 (22,000) 24,000 (12,000) 10,000 (8,000) (20,000) Capital loss carryback Charitable contribution How much of the charitable contribution can Monroe take this year? (b) Suppose instead, that Monroe Corporation has the following income and expenses for 2022: Operating income Operating expenses Charitable contribution Carryover charitable contribution from 2018 100,000 (30,000) (3,000) (9,000) How much of Monroe's charitable contribution deduction for 2022 comes from: The 2018 contribution: The 2022 contribution