Explain taxable income for the current year

Reference no: EM13160067

Omega Corporation reports the following results for the
current year:
Gross profits on sales $120,000
Dividends from less-than-20%-owned domestic corporations 40,000
Operating expenses 100,000
Charitable contributions (cash) 11,000

a. What is Omega's charitable contributions deduction for the current year and its charitable contributions carryover to next year, if any?
b. What is Omega's taxable income for the current year, assuming qualified production activities income is $20,000?

Reference no: EM13160067

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