Calculate the corporations taxable income

Reference no: EM132475670

Problem 1: Action, Inc. is a calendar year, accrual-basis C Corporation. For each independent situation below, calculate the corporation's taxable income (loss) on its Form 1120, U.S. Corporation Income Tax Return. Column A lists preliminary taxable income excluding additional tax return items shown in column B. Enter the taxable income (loss) in the associated cells in column C.

A	B	C
Preliminary Taxable Income (Loss)	Additional Tax Return Item(s)	Form 1120 Taxable Income (Loss)
$200,000	$40,000 of charitable contributions
$200,000	515,000 charitable contributions.
$150,000 business income	540,000 of dividends received from a 45%-owned domestic corporation
53,000,000	5100.000 charitable contribution, and 550,000 dividends received from a 90% owned domestic corporation

Reference no: EM132475670

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