(Answered) Question - abbott corporation has book income before

Accounting

Question - Abbott Corporation has book income before federal income tax of $380,000. Deductions in arriving at book income included: charitable donation, $60,000; parking fines for delivery vehicles, $2,200; meals and entertainment expense, $13,400; depreciation expense, $37,300. MACRS depreciation is $40,720. Book income includes dividends from large public corporations of $20,000. Abbott has an NOL carryover to the current year of $12,000.

a) Compute Abbott's taxable income.

b) Compute Abbott's tax liability.

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