Question
Robots, Inc. reports the following financial data for last year: Gross income from sales and services $200,000 Wages, cost recovery and other expenses 180,000 Dividend
Robots, Inc. reports the following financial data for last year:
Gross income from sales and services | $200,000 |
Wages, cost recovery and other expenses | 180,000 |
Dividend income from at least 20 percent owned U.S. corporations | 40,000 |
Net operating loss carryover | 20,000 |
Capital losses | 10,000 |
Charitable contribution carryover | 7,000 |
Current charitable contributions | 11,000 |
(a.) What is Robots's charitable contribution deduction?
(b.) How much of the charitable contribution carryover is used up?
(c.) What is taxable income?
(d.) What is the dividends received deduction
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