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Problem 15-54 (LO 15-3) Determine 2022 taxable income in each of the following instances. Assume that the corporation is a C corporation and that
Problem 15-54 (LO 15-3) Determine 2022 taxable income in each of the following instances. Assume that the corporation is a C corporation and that book income is before any income tax expense. Required: a. Book income of $50,000 including capital gains of $2,000, a charitable contribution of $1,000, and nonrestaurant meals expenses of $3,000. b. Book income of $92,000 including capital losses of $3,000, a charitable contribution of $12,000, and restaurant meals expenses of $3,000. c. Book income of $76,000 including municipal bond interest of $2,000, a charitable contribution of $5,000, and dividends of $3,000 from a 10% owned domestic corporation. The corporation also has an $8,000 charitable contribution carryover. d. Book income of $129,000 including municipal bond interest of $2,000, a charitable contribution of $5,000, and dividends of $7,000 from a 70% owned domestic corporation. The corporation has a capital loss carryover of $6,000 and a capital gain of $2,500 in the current year. Amount a. Taxable income b. Taxable income c. Taxable income d. Taxable income
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