The following information pertains to XXX Corporation for the year:

Operating Income $500,000

Capital Gain $100,000

Capital Loss ($250, 000)

Dividend Income (<20% owned) $50,000

Tax-free municipal bond interest income $50,000

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

How much taxable income does XXX report on its form 1120, Corporate Income Tax Return?

What is XXX's current earning & profits for the current year?

Assume that XXX's taxable income is $600,000 (not the correct answer for the first part above). What is XXX's Corporation's income tax liability?

Please show your work