QueSLIUI U72 points X Corporation has book income before taxes of $600,000 and you are provided with the following information for the year: Included dividends from a 20% owned Sub $100,000 Tax Exempt Municipal Interest $160,000 Depreciation: Per Books $100,000 Tax $200,000 Compute Taxable income for the year. During the current year, Sparrow Corporation, a calendar year C corporation, had operating income of $425,000, operating expenses of $280,000, a short-term capital loss of $10,000, and a long-term capital gain of $25,00 w much is Sparrow's income tax liability for the year? $32,700 $33,600 $45,650 $62,400 1. Dahlia Corp. was organized and commenced Operations in 1930. At December 1, 2020, Dahlia had accumulated earnings and profits of $9,000 before a dividend declaration and distribution, On Decemb 2 020, Dahlia distributed cash of $9,000 and a parcel of land to Mr. Green, Dahlia's only stockholder. At the date of distriton, the land had a basis of $5,000 and a market value of $40,000. What was Mr. Green's taxable dividend income in 2020 from these distributions assuming a 35% corporate tax rate. $9,000 $31,750 $44,000 $49,000 X corporation with earnings and profits of $200,000 distributes a building with an adjusted basis of $120 000 and a fair market value of $180,000 to its sole shareholder. The building had a mortgage of $70,000 that the she holder will assume. What effect does this dividend received by the shareholder have on X corporation's earnings and profits the income tax effect)? A net reduction of $50,000 A net reduction of $120,000 A net reduction of $110,000 A net increase of $60,000