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A. what is XYZ's taxable income? please provide me the final with result

B. compute XYZ's income tax liability ?

C. compute schedual M1

35,000 3,000 Required information (The following information applies to the questions displayed below.] XYZ is a calendar-year corporation that began business on January 1, 2021. For the year, it reported the following Information in its current-year audited income statement. Notes with important tax information are provided below. Use Exhibit 16-6 XYZ corporation Income statement For current year Revenue from sales Book Income Cost of Goods Sold $ 44,000,000 Gross profit (29, 200,000) $ 14,300,000 Other income: Income from investment in corporate stock 300,000 Interest income Capital gains (losses) Gain or loss from disposition of fixed assets (4,000) Miscellaneous income 50.000 Gross Income $ 14,685,000 Expenses: Compensation (7,540,000) Stock option compensation (240,000) Advertising (1,390,000 Repairs and Maintenance (95,000) Rent (42,000) Bad Debt expense Depreciation (1,900,000) Warranty expenses Charitable donations (500,000) Meals (all at restaurants) (22,000) Goodwill impairment Organizational expenditures (44,000) Other expenses $ 12, 164,000 Total expenses 3221.000 Income before taxes Provision for income taxes (480,000) 13 $ 2,121,000 Net Income after taxes (61,000) (110,000) (40,000) 10 11 (180,000) 12 1. XYZ owns 30% of the outstanding Hobble Corporation (HC) stock. Hobble Corporation reported $1,000,000 of Income for the year. XYZ accounted for its Investment in HC under the equity method, and it recorded its pro rata share of HC's earnings 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 HC's earnings, 2. Of the $36.000 interest income $9.000 was from a City of Seattle bond, $11,000 was from a Tacoma City bond, $10,000 was from a fully taxoble corporate bond, and the remaining $6,000 was from a money market account 3. This gain is from equipment that XYZ purchased in February and sold in December (e. It does not qualify as 51231 gain) 4. This includes total officer compensation of $2,500,000 (no one officer received more than $1,000,000 compensation). 5. This amount is the portion of incentive stock option compensation that was expensed during the year (recipients are officers) 6.XYZ actually wrote off $37.000 of its accounts receivable as uncollectible 7 Tax depreciation was $2.400,000 8. In the current year, XYZ did not make any actual payments on warranties it provided to customers, 9.XYZ made $500,000 of cash contributions to qualified charities during the year. The dodations are qualified charitable contributions for purposes of determining the charitable contribution limitation 10. On July 1 of this year XYZ acquired the assets of another business. In the process, it acquired $360,000 of goodwill. At the end of the year XYZ wrote off $40,000 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 items 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 totaling $493,000 ($120,000 per quarter) For purposes of estimated tax liabilities, assume XYZ was in existence in 2020 and that in 2020 it reported a tax liability of $668,000. During 2021. XYZ determined its taxable income at the end of each of the four quarters as follows Quarter rend First Second Third Cumulative taxable income (loss) $ 600,000 $ 1,200,000 $ 1,690,000 Finally, assume that XYZ is not a large corporation for purposes of estimated tax calculations. (Do not round intermediate calculations. Round your answers to the nearest dollar amount.) EXHIBIT 16-6 Net Operating Loss Carryback and Carryover Summary Tae Year NOL Originated Carry back Carryback Beginning before 2015 Back two years. Choofhet 100 of taxable before the Forway Cafetos of the account before the NOL deduction in chyback years No deduction Camed forward indefinitely Cantoffet 100 Rack years as offset up to 100 of the income before she beginning atter 2000, locare before the NOL deduction in tye bei der Beginning after 2017 od before 2021 the NOL dedition in anyback year percestor tabletter der Norm NOL glass being treo Carried forward infotel Cafet post Beginning after 2030 Not allowed tacable to dedo NOL NOLA years being for * corporation can elect to forgothe NOL.cback and simply carry the NOL forward to your la corporation cari bata NOL carry the wait years prior or five years prior, depending on the year the Noi, originated