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Omega Corporation reports the following results for the current year:
Gross profits on sales $120,000
Dividends from less-than-20%-owned domestic corporations 40,000
Operating expenses 100,000
Charitable contributions (cash) 11,000
a. What is Omega's charitable contributions deduction for the current year and its charitable contributions carryover to next year, if any?
b. What is Omega's taxable income for the current year, assuming qualified production activities income is $20,000?
Pace Corporation had a taxable income of $300,000 in 2010. They had a taxable income of $1,200,000 in 2011. What is their federal income tax liability for the company for each year?
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The University Café has seen sales drop since classes have been scheduled during the noon hour and only 5 minutes between classes. Students don't have enough time to choose from the buffet line.
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