question 1. Quince Corporation has taxable income of $300,000 for its calendar tax year.

Calculate the corporation's income tax liability for 2022 before tax credits.

question 2. For the 2022 tax year, Ilex Corporation has ordinary income of $200,000, a short-term capital loss of $30,000 and a long-term capital gain of $10,000.

Calculate Ilex Corporation's tax liability for 2022.

question 3. DeMaria Corporation, a calendar year corporation, generates the following taxable income (net operating losses) since its inception in 2020:

year taxable result

2020 $40,000

2021 (15,000)

2022 5,000

Assuming DeMaria makes no special elections with regard to NOLs, what is DeMaria's net operating loss carryforward into 2023? If your answer is zero, enter "0".

question 4. Fisafolia Corporation has gross income from operations of $423,000 and operating expenses of $359,550 for 2022. The corporation also has $42,300 in dividends from publicly-traded domestic corporations in which the ownership percentage was 45 percent.

Below is the Dividends Received Deduction table to use for this problem.

percent ownership 2022 dividents received percentage

less than 20 percent 50%

20 percent or more,

but less than 80 percent 65%

80 percent or more 100%

If require, round final answers to the nearest dollar.

a.Calculate the corporation's dividends received deduction for 2022.

b. b. Assume that instead of $423,000, Fisafolia Corporation has gross income from operations of $317,250.

Calculate the corporation's dividends received deduction for 2022.

c. c. Assume that instead of $423,000, Fisafolia Corporation has gross income from operations of $350,000. Calculate the corporation's dividends received deduction for 2022. If require, round final answers to the nearest dollar.

Question 5. In 2022, Citradoria Corporation is a corporation that contributes $35,000 cash to qualified charitable organizations during the current tax year. The corporation has net operating income of $91,000, before deducting the contributions, and adding dividends received from domestic corporations (ownership in all corporations is less than 20 percent) in the amount of $25,000.

a. What is the amount of Citradoria Corporation's allowable deduction for charitable contributions for 2022?

b. In 2023, Citradoria contributes $4,000 to charitable organizations. The corporation has net operating income of $250,000 before deducting the contributions, and no dividend income. What is the amount of Citradoria's allowable deduction for charitable contributions in 2023?

c. c. If there is any carryover of the charitable contribution deduction from 2023, what year will it expire? 2024,2025,2026,2027,2028 or 2029?

Question 6. The Loquat Corporation has book net income of $94,600 for the current year. Included in this figure are the following items, which are reported on the corporation's Schedule M-1, Reconciliation of Income (Loss) per Books with Income per Return.

• Federal income tax expense $14,190
• Depreciation deducted on the books which is not deductible for tax purposes 18,920
• Deduction for 50 percent of meals expense which is not allowed for tax purposes. 8,514
• Deduction for entertainment not allowed for tax purposes. 3,784
• Tax-exempt interest income included in book income but not in tax income. 5,676

Calculate Loquat Corporation's taxable income for the current year based on the information given.

Question 7. Grevilla Corporation is a manufacturing company. The corporation has accumulated earings of $2,472,200, and it can establish reasonable needs for $1,038,324 of that amount.

Calculate the amount of the accumulated earnings tax (if any) that Grevilla Corporation is subject to for this year. If required, round your answer to nearest whole value.