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s 1. QQQ Corporation has $1,000 of Earnings and Profits. It makes a distribution to shareholder...
QQQ corporation has 1000 of earnings and profits. It makes distribution to its shareholder of 2000....
QQQ corporation has 1000 of earnings and profits. It makes distribution to its shareholder of 2000. The shareholders basis is 200. How much of the distribution is taxable as a dividend? 17 a. 2000 b. 1000 c. 0 d. 800 e. 200 18 How much of the dividends a long term capital gain? a 2000 b 1000 c 0 d 800 e 200
Jane is the sole shareholder of Buttons, Inc. Buttons has accumulated earnings and profits (E &...
Jane is the sole shareholder of Buttons, Inc. Buttons has accumulated earnings and profits (E & P) of $65,000 at the beginning of the current year. The current E & P is $35,000. Buttons pays out a property distribution to Jane during the current year with an FMV of $150,000 and an adjusted basis of $130,000. How much is taxable dividend to Jane? a. $35,000 b. $100,000 c. $120,000 d. $150,000 Please show your work.
Exercise 20-12 (LO. 1) Sunset Corporation, with E & P of $400,000, makes a cash distribution...
Exercise 20-12 (LO. 1) Sunset Corporation, with E & P of $400,000, makes a cash distribution of $120,000 to a shareholder. The shareholder's basis in the Sunset stock involved is $50,000 a. Determine the tax consequences to the shareholder if the distribution is a nonqualified stock redemption The shareholder has dividend incomeof b. Determine the tax consequences to the shareholder if the distribution is a qualifying stock redemption The shareholder has a capital gain of c. Determine the tax consequences...
15. The sole shareholder of an S Corp is active in the business and has a...
15. The sole shareholder of an S Corp is active in the business and has a basis of $5,000 in the stock. The shareholder also has loaned $3,000 to the corporation. The shareholder's information return from the S Corp indicated the shareholder's portion of the loss from ordinary business is $7,000. a) How much if anything can the shareholder deduct on his individual tax return? b) What is the shareholder's basis in the shares at the beginning of the next...
1. Corporation P files a consolidated return with Corporation S. In preparing a consolidated return, their ...
1. Corporation P files a consolidated return with Corporation S. In preparing a consolidated return, their accountant finds the following: P S Separate taxable income (loss) $500,000 ($200,000) Capital gain (loss) ($25,000) $50,000 Charitable contributions $20,000 $10,000 Dividend from S $10,000 What is the consolidated return taxable income? a. $365,000 b. $295,000 c. $280,000 d. $315,000 2. Jude received a $25,000 distribution from BC Corporation that the corporation identified as $15,000 dividend and $10,000 return of capital. What effect does...
Susan is the sole shareholder in Square, Inc. This year, Square, Inc. has accumulated earnings and...
Susan is the sole shareholder in Square, Inc. This year, Square, Inc. has accumulated earnings and profits of $25,000. Susan's basis for the stock she owns in the company is $7,000. Square, Inc makes a distribution of $40,000 to Susan. How much of this distribution is taxable to Susan as dividends? How much of this distribution is taxable to Susan as a capital gain? 2. On November 20, 2018, Dylan purchased stock in Tech, Inc. for $10,000. On October 31,...
Nancy is the sole shareholder of Indigo Corporation. The basis of her stock is $90,000. Indigo...
Nancy is the sole shareholder of Indigo Corporation. The basis of her stock is $90,000. Indigo distributes $230,000 to Nancy in 20X8. Earnings and profits for Indigo are $60,000. What are the tax consequences of the distribution to Nancy? Taxable Dividend Decrease in Stock Basis Capital Gain a. $90,000 $80,000 $60,000 b. $80,000 $90,000 $60,000 C. $90,000 $60,000 $80,000 d. $60,000 $90,000 $80,000 e. None of the above
5. mike is the sole shareholder of Led Corporation. The basis of his stock is $65,000....
5. mike is the sole shareholder of Led Corporation. The basis of his stock is $65,000. mike distributes $150,000 to Rob in 20X1. Eamings and profits for mike are $45,000. What are the tax consequences of the distribution? Taxable Dividend a. $ 40,000 b. $ 45,000 c.$ 45,000 d. $150,000 e. all are incorrect
3. Purple Corporation makes a property distribution to its sole shareholder, Paul. The property distributed is...
3. Purple Corporation makes a property distribution to its sole shareholder, Paul. The property distributed is a house (fair market value of $189,000; basis of $154,000) Before considering the consequences of the distribution, Purple's current E & P is $35,000 and its accumulated E & P is $140,000. Purple makes no other distributions during the current year. What is Purple's taxable gain on the distribution of the house, if any?
20. DDD Corporation has regular taxable income of $1,000 plus $1,000 of dividend income for a company they only own...
20. DDD Corporation has regular taxable income of $1,000 plus $1,000 of dividend income for a company they only own 1%. The 2019 Federal taxable income after "SPECIAL DEDUCTIONS" for DDD is. A. $2,000 B. $1,000 C. $1,500 D. $5,000 E. Zero
Exercise 20-12 (LO. 1) Sunset Corporation, with E & P of $400,000, makes a cash distribution of $120,000 to a shareholder. The shareholder's basis in the Sunset stock involved is $50,000 a. Determine the tax consequences to the shareholder if the distribution is a nonqualified stock redemption The shareholder has dividend incomeof b. Determine the tax consequences to the shareholder if the distribution is a qualifying stock redemption The shareholder has a capital gain of c. Determine the tax consequences...
15. The sole shareholder of an S Corp is active in the business and has a basis of $5,000 in the stock. The shareholder also has loaned $3,000 to the corporation. The shareholder's information return from the S Corp indicated the shareholder's portion of the loss from ordinary business is $7,000. a) How much if anything can the shareholder deduct on his individual tax return? b) What is the shareholder's basis in the shares at the beginning of the next...
3. Purple Corporation makes a property distribution to its sole shareholder, Paul. The property distributed is a house (fair market value of $189,000; basis of $154,000) Before considering the consequences of the distribution, Purple's current E & P is $35,000 and its accumulated E & P is $140,000. Purple makes no other distributions during the current year. What is Purple's taxable gain on the distribution of the house, if any?
20. DDD Corporation has regular taxable income of $1,000 plus $1,000 of dividend income for a company they only own 1%. The 2019 Federal taxable income after "SPECIAL DEDUCTIONS" for DDD is. A. $2,000 B. $1,000 C. $1,500 D. $5,000 E. Zero
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