AC 5550 Compute MV Corp.â€™s 2015 taxable income given the following information relating to its year 1 activities. Also, compute MVâ€™s Schedule M-1 assuming that MVâ€™s federal income tax expense for book purposes is $100,000. â€¢ Gross profit from inventory sales of $500,000 (no bookâ€“tax differences). â€¢ DividendsMVreceivedfrom25percent-ownedcorporationof$100,000(assume this is also MVâ€™s pro rata share of the distributing corporationâ€™s earnings). â€¢ Expenses other than DRD, charitable contribution (CC), net operating loss (NOL), and domestic production activities deduction (DPAD) are $350,000 (no bookâ€“tax differences). â€¢ NOL carryover from prior year of $10,000. â€¢ Cash charitable contribution of $120,000. â€¢ Domestic production activities deduction of $5,000 (wage limitation does not apply).” (Ayers 5-54) Ayers, Benjamin, Connie Weaver, Brian Spilker, Ronald Worsham, John Robinson, Edmund Outslay, John B. McGraw-Hill’s Taxation of Business Entities, 2016 Edition, 7th Edition. McGraw-Hill Higher Education, 20150501. VitalBook file. The citation provided is a guideline. Please check each citation for accuracy before use.
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