The following information pertains to Lumis Corporation's operations for the year:

• Operating income $500,000
• Capital gain100,000
• Capital loss(250,000)
• Dividend income (< 20% owned) 50,000
• Tax-free municipal bond interest income 50,000

In addition to the above, Lumis had made charitable contributions in the preceding year that could not be deducted due to the 10% of TI limit in the amount of $15,000, which were carried over to the current taxable year for deduction, if allowed.

-A.B.C.D.E.F.G.H.I.	How much taxable income does Lumis report on its form 1120, Corporate Income Tax Return?
-A.B.C.D.E.F.G.H.I.	What is Lumis' current earnings & profits for the current year?
-A.B.C.D.E.F.G.H.I.	Assume that Lumis' taxable income is $600,000 (not the correct answer for the first part above). What is Lumis Corporation's income tax liability?

A.	$450,000
B.	$0
C.	$535,000
D.	$192,250
E.	$550,000
F.	$500,000
G.	$350,000
H.	None of the answers is correct
I.	$204,000