Calculate queen corporation income tax expense

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Reference no: EM132985144

Queen Corporation had the following items of income and expense for 2021:

Gross Income $2,000,000

§162 Expense (All Deductible) $ 500,000

Net Operating Loss Carry Forward $1,000,000

Charitable Contributions $ 200,000

Problem a) Calculate Queen Corporation's Taxable Income for 2021.

Problem b) Calculate Queen Corporation's Income Tax Expense for 2021.

Problem c) How would your answer to a) change if the tax year was 2019 instead of 2021?

Reference no: EM132985144

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