Use a flat corporate tax rate of 21% for all problems. For individuals assume a tax rate of 15% for all dividends and capital gains.

Assume there is no Alternative Minimum Tax for these problems.

Assume that all entities are US domestic corporations, taxed under Subchapter C of the IRC unless otherwise noted.

the internal revenue code.

Hawke Corporation had the following items of income and expense in 2021:

Revenue

800,000

Dividends Received (Hawke owns 15% of the Corporation)

10,000

Section 162 Deductions

(500,000)

Capital Loss

(20,000)

Charitable Contributions

(100,000)

Book Income Before Taxes

190,000

The company also had a net operating loss carryforward from 2020 to 2021

of

(200,000)

A

What is Hawke Corporation's taxable income for 2021?

B

What is Hawke Corporation's current earnings and profits for 2021?

C

What carryforward (or carryback) items does Hawke Corporation

have after the 2021 tax year (other than earnings and profits)?