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Provide the taxable income and tax liability of power

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Reference no: EM133170431

Question - In 2020 Power Corp has Gross Profit of $660,000 and Operating Expenses of $480,000. They received $66,000 of dividend income from Alpha, Inc., a corporation in which they own 25% of the stock.  They have an NOL carryover from 2016 of $97,000 and made charitable contributions of $58,000.  Power has elected to take the 25% charitable contribution limitation and carry over any unused deductions. There are 2 parts to this question. SHOW YOUR WORK

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Provide the taxable income and tax liability of Power for 2021.

Provide the character and amount of any tax carryovers from 2021.

Reference no: EM133170431

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