Question: Compute MV ' s Schedule M - 1 assuming that MV ' s federal income tax expense for book purposes is $ 1 0 0

Compute MV's Schedule M-1 assuming that MV's federal income tax expense for book purposes is $100,000. Gross profit from inventory sales of $500,000(no booktax differences). Dividends MV received from 25 percent-owned corporation of $100,000(assume this is also MV's pro rata share of the distributing corporation's earnings). Expenses other than DRD, charitable contribution (CC), and net operating loss (NOL) are $350,000(no booktax differences). NOL carryover from 2022 of $10,000. Cash charitable contribution of $120,000.

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