Taxation of Business Entities FA21 Maria Santill | 09/24/218:09 PM Homework: M... Question 8, PC3-50 (bo... Part 1 of 4 > HW Score: 43.28%, 17.31 of 40 points Points: 0 of 5 Save Pace Corpotation reports the following results for the current year Click on the icon to view the results for the current year) Read the requirements Requirement a. What are Pace's taxable income and income tax liability? Begin by computing Pace's taxable income before special deductions and taxable income (Enter the special deductions in the specific sequence dictated by the tax rules If an input field is not used in the table, leave the input field emply do not select a label or entor a zero) Gross income Minus Taxable income before special deduction Ince (3.13 (0/5) tax Data Table e in in pecific sequer Gross profits on sales Long-term capital loss Short-term capital loss Dividends from 40%-owned domestic corporation Operating expenses Charitable contributions $ 120,000 10,000 5,000 30,000 65 000 10,000 edud Print Done Se Requirements a. What are Pace's taxable income and income tax liability? b. What carrybacks and carryovers (if any) are available and to what years must they be carried? Print Done