Whitlaw Corporation $150,000 of gross proft on sales, operating expenses of $60,000 (excluding cost recovery), $4,000 dividend income frome a one-percent-owned corporation, a $10,000 capital gain and $15,000 capital loss, a $15,000 Section 179 deduction, additional tax depreciation of $25,000 (total financial accounting depreciation is $22,000), a $5,000 charitable conrtribution, and a net operating loss carryover from the prior year of $10,000.

a. What is Whitlaw's taxable income?

b. What is Whitlaw's income tax?

c. Complete a Schedule M-1 or a facsimile for the corporation.