The GGH Corporation, a calendar-year, accrual-basis corporation, has $400,000 of gross receipts and $320,000 of expenses from its service business. In addition, it has $5,000 of tax-exempt interest income, $20,000 of dividends from an affiliated corporation, a $10,000 short-term capital loss, and authorized a charitable contribution of $15,000 on December 15, which it paid on March 31 of the next tax year. What is GGH's taxable income and income tax liability for the current tax year?

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The Answer of The GGH Corporation, a calendar-year, accrual-basis corporation, has $400,000 of gross receipts and $320,000 of expenses from its service business. In addition, it has $5,000 of tax-exempt interest income, $20,000 of dividends from an affiliated corporation, a $10,000 short-term capital loss, and authorized a charitable contribution of $15,000 on December 15, which it paid on March 31 of the next tax year. What is GGH's taxable income and income tax liability for the current tax year?

The GGH Corporation, a Calendar-Year, Accrual-Basis Corporation, Has $400,000 of Gross