Reference no: EM131219266
JKEB Corporation had the following items during its 2012 tax year:
Net income from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $150,000
Dividends received (from less than 20% owned investees). . . . . . . . . . . 10,000
Charitable contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,000
Net operating loss carryover from 2011 . . . . . . . . . . . . . . . . . . . . . . . . . . 30,000
Long-term capital gains. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,000
Long-term capital losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,000
Short-term capital gains . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000
Capital loss carryover from 2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,000
Tax Credit………………………………………………………………… 4,500
Answer all three questions
1. Compute JKEB Corporation’s2012 taxable income and income tax liability beforetax credits.
2. What are the nature and amount of any carryovers to 2013?
3. What is the taxable amount due after using the tax credit?
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