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Discuss pertains to lumis corporations operations

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Reference no: EM131775642

The following information pertains to Lumis Corporation's operations for the year:

  • Operating income                                         $500,000
  • Capital gain                                                   100,000
  • Capital loss                                                  (250,000)
  • Dividend income (< 20% owned)                      50,000
  • Tax-free municipal bond interest income            50,000

In addition to the above, Lumis had made charitable contributions in the preceding year that could not be deducted due to the 10% of TI limit in the amount of $15,000, which were carried over to the current taxable year for deduction, if allowed.

Reference no: EM131775642

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