Champ Corporation has taxable income for 2018 of $20,000. For 2018, Champ had tax exempt...
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Champ Corporation has taxable income for 2018 of $20,000. For 2018, Champ had tax exempt interest of $6,000 and received $25,000 of proceeds from a term life insurance policy, paid to the corporation as a beneficiary by reason of the death of a corporate officer. The premium on the policy was $1000 for 2018. The corporation paid charitable contirbutions in 2018 of $7000 in excess of the amount allowed as an income tax deduction. Ignoring federal income taxes, what are Champ Corporations earnings and profits for 2018?
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