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QUESTION 3 XYZ Inc. a calendar year, accrual basis corporation, had the following items during 2021: . . Gross revenue from operations $420,000 Cost of
QUESTION 3 XYZ Inc. a calendar year, accrual basis corporation, had the following items during 2021: . . Gross revenue from operations $420,000 Cost of goods sold ($180,000) LT capital gain $9,000 .LT capital loss ($2,200) ST capital gain $10,000 ST capital loss carryover from 2018 ($12,500) ST capital loss carryover from 2015 ($20,000) Sec 1231 loss ($10,000) . See 1231 gain $19,000 Dividends received from Omega Inc. (XYZ Inc. owns 30% of Omega Inc.) $60,000 Charitable contribution (current year) (all non-cash) ($30,000) Charitable contribution (from 2017) ($25,000) Unrecaptured 1231 losses from 2019 ($1,500) a. What is XYZ Inc.'s net capital gain/loss and character of the gain loss, including any carryovers? b. Calculate XYZ Inc.'s taxable income for the charitable contribution limitation, and XYZ Inc's charitable contribution deduction for 2021. c. Calculate XYZ Inc.'s taxable income for the dividends received deduction, and XYZ Inc.'s dividends received deduction. d. Calculate XYZ Inc.'s net taxable income
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