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Compute hc inc current year taxable income

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Question - Compute HC Inc.'s current-year taxable income given the following information relating to its 2019 activities. Also, compute HC's Schedule M-1 assuming that HC's federal income tax expense for book purposes is $30,000.

Gross profit from inventory sales of $310,000 (no book-tax differences).

Dividends HC received from 28 percent-owned corporation of $120,000 (this is also HC's pro rata share of the corporation's earnings).

Expenses other than DRD, charitable contribution (CC), and net operating loss (NOL), are $300,000 (no book-tax differences).

NOL carryover from prior year of $12,000.

Cash charitable contribution of $50,000.

a. Compute HC Inc.'s current year taxable income given the following information relating to its 2019 activities. (Negative amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.

b. Compute HC's Schedule M-1 assuming that HC's federal income tax expense for book purposes is $30,000. (Enter all values as positive numbers.)

Reference no: EM132677390

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