Problem 1

Homework Problem 1 Corporation, a calendar year C Corporation, had the following income and expenses in 2022:

Income from operations $460,000

Expenses from operations (340,000)

Long-Term capital gain 62,000

Short-Term capital loss (58,000)

Dividends received from 45% owned domestic

corporation 50,000

Charitable contribution (cash) (36,000)

Dividends paid (40,000)

Required:

1. Calculate Homework Problem 1 Corporations taxable income for 2022. Clearly show your work and label each step of your answer.

2. Calculate Homework Problem 1 Corporations federal income tax liability for 2022. Clearly show your work and label your answer.

3. What carryovers does Homework Problem 1 Corporation have as a result of its 2022 operations?

Clearly state the amount and terms (e.g., carryback or carryforward; amount of years; character) of all carryovers and describe all options Homework has regarding the carryovers.