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  3. morningstar corporation reported the following res

Morningstar Corporation reported the following results for the current year: Gross income from operations: $90,000...

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Accounting

Morningstar Corporation reported the following results for the current year:

Gross income from operations: $90,000

Dividends from less than 20%-owned corporations: 50,000

Operating expenses: 75,000

Charitable contributions: 10,000

In addition, the corporation has a $25,000 NOL carryover from the preceding tax year.

Compute Morningstars taxable income and tax liability for the current year:

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