Homework Answers
As Per 2019 tax rate:-
a) Taxable Income:- $105000
Income Tax:- $18025
b) Taxable Income:- $90000
Income Tax:- $15775
As Per 2020 tax rate:-
a) Taxable Income:- $105000
Income Tax:- $17930
b) Taxable Income:- $90000
Income Tax:- $15680
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Problem 3-38 (LO. 1, 3) In the current year, Tanager Corporation (a calendar year C corporation)...
Problem 3-38 (LO. 1,3) In the current year, Tanager Corporation (a calendar year corporation) had operating...
Problem 3-38 (LO. 1,3) In the current year, Tanager Corporation (a calendar year corporation) had operating income of $480,000 and operating expenses of $390,000. In addition, Tanager had a long-term capital gain of $55.000 and a short term capital loss of $40.000 a. Compute Tanager's taxable income and tax for the year. Taxable income: 105,000 Income tax: b. Assume the same facts except that Tanager's long-term capital gain was $15.000. Compute Tanager's taxable income and tax for the Taxable income:...
In the current year, Tanager Corporation (a calendar year C corporation) had operating income of $480,000...
In the current year, Tanager Corporation (a calendar year C corporation) had operating income of $480,000 and operating expenses of $390,000. In addition, Tanager had a long-term capital gain of $55,000 and a short-term capital loss of $40,000. a. Compute Tanager's taxable income and tax for the year. Taxable income: $___ Income tax: $___ b. Assume the same facts except that Tanager's long-term capital gain was $15,000. Compute Tanager's taxable income and tax for the year. Taxable income: $___ Income...
Problem 3-37 (LO. 1, 3) Jonathan owns 100% of Lemon Company (a calendar year entity). In...
Problem 3-37 (LO. 1, 3) Jonathan owns 100% of Lemon Company (a calendar year entity). In the current year, Lemon recognizes a long-term capital gain of $70,000 and no other income (or loss). Jonathan is in the 37% tax bracket (and 20% tax bracket for any net capital gains or dividends) and has no recognized capital gains (or losses) before considering his ownership interest in Lemon Company. What is the income tax result from the $70,000 if Lemon is (a)...
Problem 17-33 (a) (LO. 1, 3) In the current year, Werbung Corporation (a calendar year C...
Problem 17-33 (a) (LO. 1, 3) In the current year, Werbung Corporation (a calendar year C corporation) had operating income of $430,000 and operating expenses of $355,000. In addition, Werbung had a long-term capital gain of $25,000, a long-term capital loss of $2,000 and a short-term capital loss of $30,000. a. Compute Werbung's taxable income and tax for the year. Taxable income: $ Income tax: $ b. Assume the same facts except that Werbung's long-term capital gain was $50,000. Compute...
eBook Calculator Problem 20-40 (LO. 3, 8) Citron, a calendar year taxpayer, began business in January...
eBook Calculator Problem 20-40 (LO. 3, 8) Citron, a calendar year taxpayer, began business in January 2017. It had a long-term capital gain of $5,000 in 2017 and a long-term capital loss of $10,000 in 2018. For both years, Citron had an operating profit in excess of $100,000. How are these capital gain and loss transactions handled for income tax purposes in the following cases? a. If Citron is an individual: In 2018, $ X of the $10,000 capital loss...
In the current year, Sunset Corporation (a C corporation) had operating income of $200,000 and operating...
In the current year, Sunset Corporation (a C corporation) had operating income of $200,000 and operating expenses of $175,000. In addition, Sunset had a $30,000 long-term capital gain, a $52,000 short-term capital loss, and $5,000 tax-exempt interest income. What is Sunset Corporation’s taxable income for the year? a. $0 b. $3,000 c. $22,000 d. $30,000 e. None of the above
Carrot Corporation, a C corporation, has a net short-term capital gain of $240,000 and a net...
Carrot Corporation, a C corporation, has a net short-term capital gain of $240,000 and a net long-term capital loss of $230,000 during 2018. Carrot Corporation had taxable income from other sources of $720,000 during 2018. Carrot corporation had the following gains and losses during the years it had been in existence: 2014 Net long-term capital loss $30,000 2015 Net short-term capital gain 45,000 2016 Net short-term capital loss 100,000 2017 Net long-term capital gain 15,000 Compute the amount of Carrot’s...
During the current year, Sparrow Corporation, a calendar year corporation, had operating income of $425,000, operating...
During the current year, Sparrow Corporation, a calendar year corporation, had operating income of $425,000, operating expenses of $200,000, a short-term capital loss of $10,000, and a long-term capital gain of $25.000. How much is Sparrow income tax liability for the vear? a $62,400 b. $32,700 OC. $33,600 d. $45,650 e. None of these choices are correct
1. Bear Corporation has net short-term capital gains of $45,000 and net long-term capital losses of...
1. Bear Corporation has net short-term capital gains of $45,000 and net long-term capital losses of $285,000 during 2019. Bear Corporation had taxable income from other sources (not capital gains or losses) of $700,000. Prior years' transactions included the following (in each of these prior years taxable income was in excess of $1 million): 2015 2016 2017 2018 Net short-term capital gains Net long-term capital gains Net short-term capital gains Net long-term capital gains $150,000 $60,000 $45,000 $105,000 The amount...
TCOs 1 and 8) During 2014, Sparrow Corporation, a calendar year C corporation, had operating income...
TCOs 1 and 8) During 2014, Sparrow Corporation, a calendar year C corporation, had operating income of $510,000, operating expenses of $370,000, a short-term capital loss of $25,000, and a long-term capital gain of $80,000. How much is Sparrow's tax liability for 2014?
Problem 3-38 (LO. 1,3) In the current year, Tanager Corporation (a calendar year corporation) had operating income of $480,000 and operating expenses of $390,000. In addition, Tanager had a long-term capital gain of $55.000 and a short term capital loss of $40.000 a. Compute Tanager's taxable income and tax for the year. Taxable income: 105,000 Income tax: b. Assume the same facts except that Tanager's long-term capital gain was $15.000. Compute Tanager's taxable income and tax for the Taxable income:...
Problem 3-37 (LO. 1, 3) Jonathan owns 100% of Lemon Company (a calendar year entity). In the current year, Lemon recognizes a long-term capital gain of $70,000 and no other income (or loss). Jonathan is in the 37% tax bracket (and 20% tax bracket for any net capital gains or dividends) and has no recognized capital gains (or losses) before considering his ownership interest in Lemon Company. What is the income tax result from the $70,000 if Lemon is (a)...
eBook Calculator Problem 20-40 (LO. 3, 8) Citron, a calendar year taxpayer, began business in January 2017. It had a long-term capital gain of $5,000 in 2017 and a long-term capital loss of $10,000 in 2018. For both years, Citron had an operating profit in excess of $100,000. How are these capital gain and loss transactions handled for income tax purposes in the following cases? a. If Citron is an individual: In 2018, $ X of the $10,000 capital loss...
During the current year, Sparrow Corporation, a calendar year corporation, had operating income of $425,000, operating expenses of $200,000, a short-term capital loss of $10,000, and a long-term capital gain of $25.000. How much is Sparrow income tax liability for the vear? a $62,400 b. $32,700 OC. $33,600 d. $45,650 e. None of these choices are correct
1. Bear Corporation has net short-term capital gains of $45,000 and net long-term capital losses of $285,000 during 2019. Bear Corporation had taxable income from other sources (not capital gains or losses) of $700,000. Prior years' transactions included the following (in each of these prior years taxable income was in excess of $1 million): 2015 2016 2017 2018 Net short-term capital gains Net long-term capital gains Net short-term capital gains Net long-term capital gains $150,000 $60,000 $45,000 $105,000 The amount...
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