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  3. a. what is ward's taxable income? b. what is war

a. What is Ward's taxable income? b. What is Ward's current earnings and...

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Accounting

a. What is Ward's taxable income?
b. What is Ward's current earnings and profits (E&P)?
Requirement a. What is Ward's taxable income?
\table[[Gross profit from manufacturing operations,,$ 270,000],[Dividends,,12,000],[Interest,,8,000],[Net capital gain/(loss),,290000],[Total income (Form 1120, Line 11),,290000],[Minus:,Administrative expenses,100,000,],[Bad debts,4,000,],[Depreciation,65000,169000],[Taxable income before special deductions,,121000],[Charitable contributions,,30000],[Dividends-received deduction,,12000],[NOL deduction (carryover),,],[Taxable income,,79000]]
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