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Can someone help me fix this answer? I’m not sure what I am doing wrong. I Reviewed IRSform 1120 as well as the instructions and IRS Pub 542 but could notfigure it out. Question- Determine taxable income in each of the followinginstances. Assume that the corporation is a C corporation and thatbook income is before any income tax expense. c – Book income of $152,000 including municipal bondinterest of $4,000, a charitable contribution of $10,000, anddividends of $6,000 from a 10% owned domestic corporation. Thecorporation also has a $16,000 charitable contributioncarryover. Answer that needs to be fixed. c) Non taxable bond interest income need to bededucted from book income for calculating taxable income. Todetermine the charitable contribution adjustment, we must firstdetermine taxable income before charitable contribution. Thisamount is [$152,000 – $4,000 for interest – ($6,000*70%) for DRD +$10,000 charitable contribution] $153,800. Thus the corporation isallowed to take an $15,380 ($153,800*10%) charitable contribution.The corporation paid $10,000 in the current year and this amount isincluded in book income. Thus the corporation can take anadditional $5,380 ($15,380-$10,000) in charitablecontributions. The taxable income is calculated asfollows:- Taxable income = Book income-Non taxable interestincome-Charitable contribution adjustment-DRD adjustment = $152,000-$4,000-$5,380-(70% of $6,000) =$138,420 . . .