Whitlaw Corporation has $150,000 of gross profit on sales, operating expenses of $60,000 (excluding cost recovery), $4,000 dividend income from a one-percent-owned corporation, a $10,000 capital gain and $25,000 capital loss, tax depreciation of $40,000 (total financial accounting depreciation is $22,000),a $5,000 charitable contribution, and a net offering loss carryover from the prior year of $10,000.

a. What is Whitlaw's taxable income?

b. What is Whitlaw's income tax for 2018?

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