For the year ending December 31, 2020, Brokton Inc. has Taxable Income of $472,000, all of which is active business income. Of this total, $305,000 results from M&P activity. The Company is a CCPC and is associated with three other CCPCs. The companies have agreed that Brokton's share of the annual business limit will be $140,000. Determine the Company's federal Tax Payable for the year ending December 31, 2020. Include in your solution any M&P deduction available.

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The Answer of For the year ending December 31, 2020, Brokton Inc. has Taxable Income of $472,000, all of which is active business income. Of this total, $305,000 results from M&P activity. The Company is a CCPC and is associated with three other CCPCs. The companies have agreed that Brokton's share of the annual business limit will be $140,000. Determine the Company's federal Tax Payable for the year ending December 31, 2020. Include in your solution any M&P deduction available.

For the Year Ending December 31, 2020, Brokton Inc