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Pace Corporation reports the following results for the current year:Gross profit on sales $120,000Long-term capital loss 10,000Short-term capital loss 5,000Dividends from 40%-owned domestic corporation 30,000Operating expenses 65,000Charitable contributions 10,000
a. What are Pace's taxable income and income tax liability, assuming qualified production activities income is $55,000?
b. What carrybacks and carryovers (if any) are available and to what years must they be carried?
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