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Compute HC Inc.'s current year taxable income given the following information relating to its 2020 activities. Also, assuming that HC's federal income tax expense for book purposes is $30,000. (15 points) Book income is $40,000 The corporation received $5,000 in tax-exempt interest income. . For the current year, HC reports a $25,000 long-term capital loss and no capital gain. Tax depreciation is $15,000 and book depreciation is $20,000 Dividends HC received from 28 percent owned corporation of $120,000 (this is also HC's pro rata share of the corporation's earnings). NOL carryover from prior year of $12,000. Cash charitable contribution of $20,000. Compute HC Inc.'s current year taxable income given the following information relating to its 2020 activities. Also, assuming that HC's federal income tax expense for book purposes is $30,000. (15 points) Book income is $40,000 The corporation received $5,000 in tax-exempt interest income. . For the current year, HC reports a $25,000 long-term capital loss and no capital gain. Tax depreciation is $15,000 and book depreciation is $20,000 Dividends HC received from 28 percent owned corporation of $120,000 (this is also HC's pro rata share of the corporation's earnings). NOL carryover from prior year of $12,000. Cash charitable contribution of $20,000

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