The following information pertains to Lumis Corporation's operations for the year:
- Operating income $500,000
- Capital gain 100,000
- Capital loss (250,000)
- Dividend income (< 20% owned) 50,000
- Tax-free municipal bond interest income 50,000
In addition to the above, Lumis had made charitable contributions in the preceding year that could not be deducted due to the 10% of TI limit in the amount of $15,000, which were carried over to the current taxable year for deduction, if allowed.