Coffee Corporation is a C Corp, owned 100% by Joy (an individual with basis in shares at the beginning of 2019 of $150,000). For 2019, Coffee Corp’s activities consist of the following items:

Gross Revenue $1,100,000

Dividends Received 80,000 (from 10% owned corp)

LTCG 12,000

STCL 8,000

USA Corp Bond Interest 1,000

Municipal Bond Interest 2,000

Cost of Goods Sold 560,000

Officer Salary (to Joy) 75,000

Admin Expense 200,000

Charitable Contributions 80,000

Dividends Paid (to Joy) 50,000

1. Compute Coffee Corporation’s taxable income for 2019.
2. Does Coffee Corporation have any items to carry forward to 2020? If so, please describe.
3. What is the amount and character of income that Joy will report on her individual income tax return as a result of Coffee Corporation’s activities?
4. What is Joy’s basis in her shares of Coffee Corporation at 12/31/19?