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
CITE CODE SECTION AND SHOW WORK
(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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