XYZ is a calendar-year corporation that began business on January 1,2022 . For the year, it reported the following information in its current-year audited incbme statement. Notes with important tax information are provided below: Use Exhibit 16.6 1. XYZ owns 30% of the outstanding Hobble Corporation (HC) stock. Hobbie Corporation reported $1,000,000 of income far the year. XYZ accounted for its investment in HC under the equity method, and it recorded its pro rata ahare of HC's eamings for the year. HC also distributed a $200,000 dividend to XYz. For tax purposes. HC reports the actual dividend received as income, not the pro rata share of HCs earnings. 2. Of the $29,600 interest income, $7,400 was from a City of 5 eattie bond, $9.400 was from a Tacoma City bond, $3,400 was from a fully taxable corporate bond, and the remaining $4,400 was from a money market account. 3. This gain is from equipment that XYY purchased in February and sold in December (l.e. it does not qualify as fit23t gain). 4. This includes toral officer compensation of $2,500,000 (no one offcer received more than $1,000,000 compensationk. 5. This amount is the pertion of incentive stock option compensation that was expensed during the year frecipients are officers) 6. XYZ actuaily wote off $33,000 of its accounts recelvable es uncolfectible. 7. Tax depeeciation was $2.200.000 8. In the curiem year, xYz did not make any actual payments on warranties it provided to customers. 9. xy2 made 5500.000 of cash contubutions to charilies during the yeat 10. On juy t of this year, XYz acquired the assels of another business in the process, it acquired 3336.000 of goodwill At 10. On July 1 of this year, XYZ acquired the assets of another business. In the process, it acquired $336,000 of goodwill. At the end of the year, XYZ wrote off $36,000 of the goodwill as impaired, 11. XYZ expensed all of its organizational expenditures for book purposes. XYZ expensed the maximum amount of organizational expenditures allowed for tax purposes. 12. The other expenses do not contain any liems with book-tax differences. 13. This is an estimated tax provision (federal tax expense) for the year. Assume that XYZ is not subject to state income taxes. Estimated tax information: XYZ made four equal estimated tax payments totating $440,000 ( $110,000 per quarter). For purposes of estimated tax liabilities, assume XYZ was in existence in 2021 and that in 2021 it reported a tax libility of $612,000. During 2022,XYZ determined its taxable income at the end of each of the four quarters as follows: Finally, assume that XYZ is not a large corporation for purposes of estimated tax calculations: Note: Do not round intermediate calculations. Round your answers to the nearest doliar amount. EXIIIBrT 16-6 Net Operating Loss Carryback and Carryover Sammary fuites are beyont the trope of dist 3 ex. XYZ is a calendar-year corporation that began business on January 1,2022 . For the year, it reported the following information in its current-year audited incbme statement. Notes with important tax information are provided below: Use Exhibit 16.6 1. XYZ owns 30% of the outstanding Hobble Corporation (HC) stock. Hobbie Corporation reported $1,000,000 of income far the year. XYZ accounted for its investment in HC under the equity method, and it recorded its pro rata ahare of HC's eamings for the year. HC also distributed a $200,000 dividend to XYz. For tax purposes. HC reports the actual dividend received as income, not the pro rata share of HCs earnings. 2. Of the $29,600 interest income, $7,400 was from a City of 5 eattie bond, $9.400 was from a Tacoma City bond, $3,400 was from a fully taxable corporate bond, and the remaining $4,400 was from a money market account. 3. This gain is from equipment that XYY purchased in February and sold in December (l.e. it does not qualify as fit23t gain). 4. This includes toral officer compensation of $2,500,000 (no one offcer received more than $1,000,000 compensationk. 5. This amount is the pertion of incentive stock option compensation that was expensed during the year frecipients are officers) 6. XYZ actuaily wote off $33,000 of its accounts recelvable es uncolfectible. 7. Tax depeeciation was $2.200.000 8. In the curiem year, xYz did not make any actual payments on warranties it provided to customers. 9. xy2 made 5500.000 of cash contubutions to charilies during the yeat 10. On juy t of this year, XYz acquired the assels of another business in the process, it acquired 3336.000 of goodwill At 10. On July 1 of this year, XYZ acquired the assets of another business. In the process, it acquired $336,000 of goodwill. At the end of the year, XYZ wrote off $36,000 of the goodwill as impaired, 11. XYZ expensed all of its organizational expenditures for book purposes. XYZ expensed the maximum amount of organizational expenditures allowed for tax purposes. 12. The other expenses do not contain any liems with book-tax differences. 13. This is an estimated tax provision (federal tax expense) for the year. Assume that XYZ is not subject to state income taxes. Estimated tax information: XYZ made four equal estimated tax payments totating $440,000 ( $110,000 per quarter). For purposes of estimated tax liabilities, assume XYZ was in existence in 2021 and that in 2021 it reported a tax libility of $612,000. During 2022,XYZ determined its taxable income at the end of each of the four quarters as follows: Finally, assume that XYZ is not a large corporation for purposes of estimated tax calculations: Note: Do not round intermediate calculations. Round your answers to the nearest doliar amount. EXIIIBrT 16-6 Net Operating Loss Carryback and Carryover Sammary fuites are beyont the trope of dist 3 ex