1. In 2022, a corporation earns $65,000 from its business operations and has $10,000 of dividend income. It donates $12,

[answerhappygod]

1. In 2022, a corporation earns $65,000 from its business
operations and has $10,000 of
dividend income. It donates $12,000 to charity. Show how you
determine taxable
income.
2. Connie contributes a machine (basis $3,000, value $5,000) to
her controlled
corporation in exchange for stock worth $4,200 and $800 in cash.
(a) How much gain
will she recognize? (b) What's her basis in her stock? (c)
What's the corp's basis in the
machine?
3. Carl has a basis of $7,500 in his stock. The corporation has
$1,500 of E&P. Carl
receives a distribution of S10,000. (a) How much dividend income
does he have? (b)
How much capital gain does he have, if any? (c) What's his new
basis in his stock?