Gross Receipts $445,000 Interest Income 14,000 Dividend income 100,000 Gain on t

ID: 2335211 • Letter: G

Question

Gross Receipts $445,000

Interest Income 14,000

Dividend income 100,000

Gain on the sale of land 27,000

Gain on the sale of equipment (Sec 1245) 18,000

Loss on sale of stock 49,000

Expenses (not including charitable contributions) 345,500

Charitable contributions 15,000

Additional notes:

The stock sold was acquired in 2017 and held as an investment.

The ABC Corporation owns no more than 3% in any other corporation.

The land was acquired in 2000 and held for investment purposes.

There is a $22,000 NOL carryover from 2017.

Compute Taxable Income and tax liablilty..... Thank you!!! Ill give you a high review

Taxable Business Income = $445000 - $345500 - $49000= $50500

Taxable Income under Other sources = $100000 + $14000 = $114000

Taxable Income under Capital Gains = $27000 + $18000 = $45000

Total Taxable Income = 50500+ 114000 + 45000 = 209500

Less: Deductions of Charitable Constitutions = 15000

Net Taxable Income = 194500

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