Beta Corporation reports the following results for the current year: Gross income from operations . . .

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Beta Corporation reports the following results for the current year:

Gross income from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . .$180,000
Dividends from less-than-20%-owned domestic corporations . . 100,000
Operating expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150,000
Charitable contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000

In addition, Beta has a $10,000 NOL carryover from the preceding tax year.

a. What is Beta’s taxable income for the current year?

b. What carryovers are available to other tax years?

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Federal Taxation 2021 Corporations, Partnerships, Estates & Trusts

ISBN: 9780135919460

34th Edition

Authors: Timothy J. Rupert, Kenneth E. Anderson, David S. Hulse

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