sive Problem 05-62 (LO 05-1, LO 05-2, LO 05-3) (Static) Compute MV Corporation's 2021 taxable income given the following information relating to its year 1 activities. Also, compute MV'S Schedule M1 assuming that MV's federal income tax expense for book purposes is $100.000 Use Exhibit 16.6. Gross profit from inventory sales of $500,000 (no book-tax differences) Dividends MV received from 25 percent-owned corporation of $100.000 (assume this is also MV s pro rata share of the distributing corporation's earnings) Expenses other than DRD, charitable contribution (CC) and net operating loss INOL) are $350.000 (rio book-tax differences) NOL carryover from 2020 of $10,000 Cash charitable contribution of $120,000Assume the charitable donation is a qualified charitable contribution 22 a Complete this question by entering your answers in the tabs below. Reg1 Reg 2 Compute MV Corporation's 2021 taxable income given the following information relating to its year 1 activities. (Negative amounts should be indicated by a minus sign: Leave no answer blank. Enter zero if applicable) Book. Book tak adjustments adjustments Texable income (0) 100 co Book Income D C Description Gross profit Other Income Seved Help Save & Exit Submit Compute MV Corporation's 2021 taxable income given the following information relating to its year 1 activities. (Negative amounta should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable) Description Book Income Or okta Book tax adjustments adjustments (Dil LE Taxable income Gross profit Other income Dividend income Gross Income Expenses Business expenses other than DRD CC and NOL Federal income tax expense Total expenses before charitable contribution NOL and DRD Income before charitable contribution, NOL and DRD NOL Carryover from prior year Taxable income for charitable contribution imation purposes (modified taxable income) Charitable contributions Taxable income before DRD Dividends received deduction (DRD) Book/Table income 12 ENE 1921 76F Soad Help Save & Exit Submit Reg 1 Reg 2 2 13734 Compute MV's Schedule M-1 assuming that MV's federal income tax expense for book purposes is $100,000. (Enteral values as positive numbers.) Schedule M.1: Reconciliation of income foss) per Books With Incone per Return 1. Net Income (loss) per books 2. Federal income tax per books 3 Excess of capital losses over capital gains 4. Income subject to tax not recorded on books this year (temize) 5 Expenses recorded on books this year not deducted on this return tomite) a Depreciation b Charitable contributions c Travel and entertainment G. Total 7 Income recorded on books this yeat not included on this return tomize) Tax-exempt interest 8 Deductions on this return not charged against book income this year tema a Depreciation b. Charitable contributions 10. Income M 76F 00 EM SSEM 5 IV hartasach