Whitlaw corporation has 150000 of gross prot on sales

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Whitlaw Corporation has $150,000 of gross pro?t on sales, operating expenses of $60,000 (excluding cost recovery), $4,000 dividend income from a one percent owned corporation, a $10,000 capital gain and $15,000 capital loss, a $15,000 Section 179 deduction, additional tax depreciation of $25,000 (total financial accounting depreciation is $22,000), a $5,000 charitable contribution, and a net operating loss carryover from the prior year of $10,000.

a. What is Whitlaw's taxable income?

b. What is Whitlaw's income tax?

Reference no: EM13577163

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