Problem #3 Zeta corporation have the following income and deductions for the current year Sales 60,000 Cost of sales 40,000 Other operating expenses 40,000 Dividends (from 5% owned corporation) 80,000 Zeta made charitable contribution of 60,000 to a qualified charity. Calculate Charitable deduction for the current year and carryover if any. Problem 4 Net Income per books Federal Income Taxes Life Insurance proceeds on key employee Tax Exempt interest Net Capital Loss Premium on life insurance 200,000 42,000 200,000 23,000 3,000 5,000 Calculate Taxable Income