Sunset Animal Clinic, Inc. has $120,000 of taxable income for this year and paid $20,000 federal income tax on its taxable income. It has charitable contribution of $20,000 to be carry forwarded in next year. It also has dividend-receive deduction of $15,000 and net operating loss deduction of $18,000.  

The accumulated earnings taxable income would be?

Answer rating: 100% (QA)

SOLUTION To calculate the accumulated earnings taxable income we need to first ad... View the full answer