The Hammil Corporation reported the following items of income and expense for the current year, 2021:

Operating income: 315,00

Hammil Corporation reported the following items of income and expense for the current year, 2021:

Operating income: 315,000

Dividend income (30% owned corporation) 80,000

Long-term capital gains 55,000

Short-term capital gains 20,000

Charitable contributions of cash 30,000

Hammil Corporation also reported the following:

Long-term capital loss C/F from 2020 15,000

NOL C/F from 2020 40,000

Charitable Contribution C/F from 2017 20,000

Estimated federal income tax payments made 70,000

during the current year

Required: Calculate the corporations 2021 taxable income and tax liability. Also determine any carryforwards available for next year and how many years the carryforwards will be available to use.