Whitlaw Corporation has $150,000 of gross profit on sales, operating expenses of $60,000 (excluding cost recovery), $4,000 dividend income from a one percent owned corporation, a $10,000 capital gain and $15,000 capital loss, a $15,000 Section 179 deduction, additional tax depreciation of $25,000 (...

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Whitlaw Corporation has $150,000 of gross profit on sales, operating expenses of $60,000 (excluding cost recovery), $4,000

Question:

Whitlaw has $150,000 of gross profit on sales, operating expenses of $60,000 (excluding cost recovery), $4,000 income from a one percent owned a $10,000 capital gain and $15,000 capital loss, a $15,000 Section 179 deduction, additional tax depreciation of $25,000 (total financial accounting depreciation is $22,000), a $5,000 charitable contribution, and a net operating loss carryover from the prior year of $10,000.
a. What is Whitlaw's taxable income?
b. What is Whitlaw's income tax?
c. Complete a Schedule M-l or a facsimile for the Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may... Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...