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New Corporation had the following items for the current year, its first tax year in...

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Accounting

New Corporation had the following items for the current year, its first tax year in business: Net income (loss) from operations.................................$( 3,000) Dividends received (from 30%-owned corporation)......35,000 Charitable contributions......................................................7,000 Long-term capital loss.......................................................10,000 Compute New Corporations taxable income. SHOW COMPUTATIONS! ALSO, give the nature and amount of any carryovers to next year .

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