Homework Answers
a.
| Corporation P | corporation T | |
| Ordinary operating income [loss] | $540000 | $(220000) |
| Capital gain | 0 | 6400 |
| Section 1231 gain [ loss ] | (1400) | 5800 |
| Capital loss [ deductible to extent of capital and section 1231 gain | 0 | 0 |
| Taxable Income | $538600 | $207800 |
b.
| Consolidated Return | |
| Ordinary Operating Income | $320000 |
| Capital Gain | 6400 |
| Net Section 1231 gain | 4400 |
| Deductible capital loss | (8700) |
| Taxable Income | $322100 |
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Corporation Powns 93 percent of the outstanding stock of Corporation T. This year, the corporation's records...
Corporation Powns 93 percent of the outstanding stock of Corporation T. This year, the corporation's records provide the following information. Ordinary operating income (loss) Capital gain (loss) Section 1231 gain (loss) Corporation P $540,000 (8,700) (1,400) Corporation T $(220,000) 6,400 5,800 a. Compute each corporation's taxable income if each files a separate tax return. b. Compute consolidated taxable income if Corporation P and Corporation T file a consolidated tax return. Answer is complete but not entirely correct. Complete this question...
Corporation Powns 93 percent of the outstanding stock of Corporation T. This year, the corporation's records...
Corporation Powns 93 percent of the outstanding stock of Corporation T. This year, the corporation's records provide the following information. Ordinary operating income (loss) Capital gain (loss) Section 1231 gain (loss) Corporation P $540,000 (8,700) (1,400) Corporation T $(220,000) 6,400 5,800 a. Compute each corporation's taxable income if each files a separate tax return. b. Compute consolidated taxable income if Corporation P and Corporation T file a consolidated tax return. Complete this question by entering your answers in the tabs...
Corporation Powns 93 percent of the outstanding stock of Corporation T. This year, the corporation's records...
Corporation Powns 93 percent of the outstanding stock of Corporation T. This year, the corporation's records provide the following information. Ordinary operating income (loss) Capital gain (loss) Section 1231 gain (loss) Corporation P $690,000 (7,200) (1,850) Corporation T $(295,000) 7,900 7,600 a. Compute each corporation's taxable income if each files a separate tax return. b. Compute consolidated taxable income if Corporation P and Corporation T file a consolidated tax return. Complete this question by entering your answers in the tabs...
Corporation Powns 93 percent of the outstanding stock of Corporation T. This year, the corporation's records...
Corporation Powns 93 percent of the outstanding stock of Corporation T. This year, the corporation's records provide the following information. Ordinary operating income (loss) Capital gain (loss) Section 1231 gain (loss) Corporation P $590,000 (9,200) (1,900) Corporation T $(245,000) 6,900 6,800 a. Compute each corporation's taxable income if each files a separate tax return. b. Compute consolidated taxable income if Corporation P and Corporation T file a consolidated tax return. Required A Required B Compute each corporation's taxable income if...
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...
Question 8 (2 points) X Corporation has book income before taxes of $600,000 and you are...
Question 8 (2 points) X Corporation has book income before taxes of $600,000 and you are provided with the following information for the year: • Included dividends from a 20% owned Sub $100,000 • Tax Exempt Municipal Interest $160,000 • Depreciation: Per Books $100,000 Tax $200,000 Compute Taxable income for the year. Question 10 (2 points) Z corporation's calendar year taxable income is $2,000,000. The corporation's 2020 federal income tax liability before any credits is: Question 17 (2 points) During...
QUESTION 7 A corporation sells property (basis of $175,000) to its sole shareholder for $125,000, the...
QUESTION 7 A corporation sells property (basis of $175,000) to its sole shareholder for $125,000, the fair market value of the property. With respect to the sale, The shareholder has a basis of S175,000 in the property. The corporation has a tax loss of S50,000. The corporation does not recognize a tax loss but reduces its E & P account $50,000. The shareholder has a constructive dividend of $50,000. None of the above QUESTION 8 Assume taxable income is the...
B.I.G. Corporation sold a plot of undeveloped land to SubCo this year for $100,000. B.I.G. had...
B.I.G. Corporation sold a plot of undeveloped land to SubCo this
year for $100,000. B.I.G. had acquired the land several years ago
for $40,000. The consolidated return also reflects the operating
results of the parties: B.I.G. generated $130,000 income from
operations, and SubCo produced a $20,000 operating loss.
a. Use the computational worksheet of Exhibit 8.3 to derive the
group members’ separate taxable incomes and the group’s
consolidated taxable income.
b. Same as part (a), except that five years later...
1. What is the date of the statute of limitations if a taxpayer files a Form...
1. What is the date of the statute of limitations if a taxpayer files a Form 1040X(Amended US Individual Income Tax Return) on March 15,2016after having filed his 2014 Form 1040( US Individual Income Tax Return) on February 3, 2015? ob a. April 15,2017 b. March 15.2019 c. March 15, 2018 d. February 3,2018 e. April 15,2018 2. New Corporation was organized and began active business on July 1, 2017. New incurred the following expenses in connection with opening the...
please show work * Return to course ÈBusiness Course Question 7 Not yet answered Marked out...
please show work
* Return to course ÈBusiness Course Question 7 Not yet answered Marked out of 5.00 P Flag question 2020 Performing a Vertical and Horizontal Analysis Complete a vertical analysis of the following income statement from Gomez Corporation . Do not use a negative sign in your answers. • Round to the nearest whole percentage point (for example, enter 60 for 60.4% or 61 for 60.5%). Vertical Analysis 2020 2019 Income Statement 2019 % of Sales % of...
Corporation Powns 93 percent of the outstanding stock of Corporation T. This year, the corporation's records provide the following information. Ordinary operating income (loss) Capital gain (loss) Section 1231 gain (loss) Corporation P $540,000 (8,700) (1,400) Corporation T $(220,000) 6,400 5,800 a. Compute each corporation's taxable income if each files a separate tax return. b. Compute consolidated taxable income if Corporation P and Corporation T file a consolidated tax return. Answer is complete but not entirely correct. Complete this question...
Corporation Powns 93 percent of the outstanding stock of Corporation T. This year, the corporation's records provide the following information. Ordinary operating income (loss) Capital gain (loss) Section 1231 gain (loss) Corporation P $540,000 (8,700) (1,400) Corporation T $(220,000) 6,400 5,800 a. Compute each corporation's taxable income if each files a separate tax return. b. Compute consolidated taxable income if Corporation P and Corporation T file a consolidated tax return. Complete this question by entering your answers in the tabs...
Corporation Powns 93 percent of the outstanding stock of Corporation T. This year, the corporation's records provide the following information. Ordinary operating income (loss) Capital gain (loss) Section 1231 gain (loss) Corporation P $690,000 (7,200) (1,850) Corporation T $(295,000) 7,900 7,600 a. Compute each corporation's taxable income if each files a separate tax return. b. Compute consolidated taxable income if Corporation P and Corporation T file a consolidated tax return. Complete this question by entering your answers in the tabs...
Corporation Powns 93 percent of the outstanding stock of Corporation T. This year, the corporation's records provide the following information. Ordinary operating income (loss) Capital gain (loss) Section 1231 gain (loss) Corporation P $590,000 (9,200) (1,900) Corporation T $(245,000) 6,900 6,800 a. Compute each corporation's taxable income if each files a separate tax return. b. Compute consolidated taxable income if Corporation P and Corporation T file a consolidated tax return. Required A Required B Compute each corporation's taxable income if...
Question 8 (2 points) X Corporation has book income before taxes of $600,000 and you are provided with the following information for the year: • Included dividends from a 20% owned Sub $100,000 • Tax Exempt Municipal Interest $160,000 • Depreciation: Per Books $100,000 Tax $200,000 Compute Taxable income for the year. Question 10 (2 points) Z corporation's calendar year taxable income is $2,000,000. The corporation's 2020 federal income tax liability before any credits is: Question 17 (2 points) During...
QUESTION 7 A corporation sells property (basis of $175,000) to its sole shareholder for $125,000, the fair market value of the property. With respect to the sale, The shareholder has a basis of S175,000 in the property. The corporation has a tax loss of S50,000. The corporation does not recognize a tax loss but reduces its E & P account $50,000. The shareholder has a constructive dividend of $50,000. None of the above QUESTION 8 Assume taxable income is the...
B.I.G. Corporation sold a plot of undeveloped land to SubCo this
year for $100,000. B.I.G. had acquired the land several years ago
for $40,000. The consolidated return also reflects the operating
results of the parties: B.I.G. generated $130,000 income from
operations, and SubCo produced a $20,000 operating loss.
a. Use the computational worksheet of Exhibit 8.3 to derive the
group members’ separate taxable incomes and the group’s
consolidated taxable income.
b. Same as part (a), except that five years later...
1. What is the date of the statute of limitations if a taxpayer files a Form 1040X(Amended US Individual Income Tax Return) on March 15,2016after having filed his 2014 Form 1040( US Individual Income Tax Return) on February 3, 2015? ob a. April 15,2017 b. March 15.2019 c. March 15, 2018 d. February 3,2018 e. April 15,2018 2. New Corporation was organized and began active business on July 1, 2017. New incurred the following expenses in connection with opening the...
please show work
* Return to course ÈBusiness Course Question 7 Not yet answered Marked out of 5.00 P Flag question 2020 Performing a Vertical and Horizontal Analysis Complete a vertical analysis of the following income statement from Gomez Corporation . Do not use a negative sign in your answers. • Round to the nearest whole percentage point (for example, enter 60 for 60.4% or 61 for 60.5%). Vertical Analysis 2020 2019 Income Statement 2019 % of Sales % of...
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