Crane and Loon Corporations, two unrelated C corporations, have the following transactions for the current year....
Crane and Loon Corporations, two unrelated C corporations, have the following transactions for the current year.
Crane Loon
Crane Loon Gross income from operations $286,000 $457,600
Expenses from operations 400,400 480,480
Dividends received from domestic corporations (15% ownership) 171,600 343,200
a. Compute the dividends received deduction for Crane Corporation. $_________
b. Compute the dividends received deduction for Loon Corporation. $_______
Homework Answers
Percentage of ownership < 20 % so the applicable 70% deduction
crane
corporation qualifies for loss rule treatment because subtarcting
70000 from the taxable income yields a loss
So crane corporation eligible for 70000 deduction
Therefore
Dividend deduction % for crane corporation 70000 and for loon corporation is 154000
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Crane and Loon Corporations, two unrelated C corporations, have
the following transactions for the current year....
Crane and Loon corporations, two unrelated C corporations, have the following transactions for the current year:...
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Crane and Loon Corporations, two unrelated C corporations, have the following transactions for the current year...
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Crane and Loon Corporations, two unrelated C corporations, have the following transactions for the current year....
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Crane and Loon Corporations, two unrelated C corporations, have the following transactions for the current year. Crane Loon Gross income from operations $276,000 $441,600 Expenses from operations 386,400 463,680 Dividends received from domestic corporations (15% ownership) 165,600 331,200 Click here to access the dividends received deduction table. a. Compute the dividends received deduction for Crane Corporation. $ 38,640 x Þ. Compute the dividends received deduction for Loon Corporation. 216,384 X
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Exercise 12-7 (LO. 7) Crane and Loon Corporations, two unrelated C corporations, have the following transactions for the current year. Gross income from operations Expenses from operations Dividends received from domestic corporations (15% ownership) stic corporations (15% ownership) Crane $180,000 255,000 100,000 Loon $300,000 310,000 230,000 Click here to access the dividends received deduction table. a. Compute the dividends received deduction for Crane Corporation. $ 50,000 b. Compute the dividends received deduction for Loon Corporation.
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No resultsOptions Exercise 3-27 (Algorithmic) (LO. 2) Crane and Loon Corporations, two unrelated C corporations, have the following transactions for the current year Gross income from operations Expenses from operations Dividends received from domestic corporations (15% ownership) Crane $231,000 323,400 138,600 Loon 369,600 388,08o 277,200 Click here to access the dividends received deduction table. a. Compute the dividends received deduction for Crane Corporation. b. Compute the dividends received deduction for Loon Corporation 6 EXHIBIT 3.2 Dividends Received Deduction Percentage of...
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