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Exercise 17-21 (LO. 1) In 2019, Nighthawk Corporation, a calendar year C corporation, has $3,700,000 of...
In 2019, Nighthawk Corporation, a calendar year C corporation, has $4,900,000 of adjusted taxable income and...
In 2019, Nighthawk Corporation, a calendar year C corporation, has $4,900,000 of adjusted taxable income and $147,000 of business interest income. Nighthawk has no floor plan financing interest. The business interest expense for the year is $1,960,000. a. Assume that Nighthawk has average gross receipts for the prior three-year period of $40,000,000. Determine Nighthawk's current year deduction for business interest. $ b. Assume that Nighthawk has average gross receipts for the prior three-year period of $18,750,000. Determine Nighthawk's current year...
In 2019, Nighthawk Corporation, a calendar year C corporation, has $5,620,000 of adjusted taxable income and...
In 2019, Nighthawk Corporation, a calendar year C corporation, has $5,620,000 of adjusted taxable income and $168,600 of business interest income. Nighthawk has no floor plan financing interest. The business interest expense for the year is $2,248,000. a. Assume that Nighthawk has average gross receipts for the prior three-year period of $35,200,000. Determine Nighthawk's current-year deduction for business interest. $ b. Assume that Nighthawk has average gross receipts for the prior three-year period of $19,500,000. Determine Nighthawk's current-year deduction for...
Question 2 (6 Points) Andersen Corporation, a calendar year, accrual method, C-Corporation, is in the business...
Question 2 (6 Points) Andersen Corporation, a calendar year, accrual method, C-Corporation, is in the business of manufacturing glass based products. In 2019, Andersen Corporation had taxable income before any limitations of $500.000. Andersen Corporation's had average annual gross receipts over the previous three tax years of $29,000,000. The following items of income and deductions are included in the computation of taxable income $400,000 business interest expense $250,000 depreciation $30,000 business interest income $75,000 amortization $100,000 research and development expenses...
Problem 5-25 (LO. 1, 2) Cardinal Corporation, a calendar year taxpayer, receives dividend income of $250,000...
Problem 5-25 (LO. 1, 2) Cardinal Corporation, a calendar year taxpayer, receives dividend income of $250,000 from a corporation in which it holds a 10% interest. Cardinal also receives interest income of $35,000 from municipal bonds. (The municipality used the proceeds from the bond issue to construct a library.) Cardinal borrowed funds to purchase the municipal bonds and pays $20,000 of interest on the loan. Excluding these three items, Cardinal's taxable income is $500,000. Cardinal has $150,000 of accumulated E...
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...
Problem 17-32 (LO. 3, 7) Benton Company (BC), a calendar year entity, has one owner, who...
Problem 17-32 (LO. 3, 7) Benton Company (BC), a calendar year entity, has one owner, who is in the 37% Federal income tax bracket (any net capital gains or dividends would be taxed at a 20% rate). BC's gross income is $395,000, and its ordinary trade or business deductions are $245,000. Ignore the standard deduction (or itemized deductions) and the deduction for qualified business income. If required, round computations to the nearest dollar. a. BC is operated as a proprietorship,...
FruAgro Company has average annual gross receipts of $30 million annually. This year, FruAgro earned $1...
FruAgro Company has average annual gross receipts of $30 million annually. This year, FruAgro earned $1 million of business interest income, incurred $10 million of business interest expense and has adjusted taxable income of $17 million. Required: Compute FruAgro’s current deduction for business interest and the amount of any business interest carryforward.
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 C corporation) had operating income of $480,000 and operating expenses $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: $ 24,200 x Feedback Check My Work Capital gains and losses result from the taxable sales or exchanges of capital assets. Whether...
Kaspar and Ludger, two unrelated calendar year corporations, have the following transactions for 2019: Kaspar Corporation...
Kaspar and Ludger, two unrelated calendar year corporations, have the following transactions for 2019: Kaspar Corporation Ludger Corporation Gross income from operations $180,000 $300,000 Expenses from operations $255,000 $310,000 Dividends received from domestic corporations (15% ownership) $100,000 $230,000 Taxable income before the dividends received deduction $25,000 $220,000 Determine the dividends received deduction for both companies.
4. Disinterested Corporation is a C Corporation but is not a car dealer. In 2018 it...
4. Disinterested Corporation is a C Corporation but is not a car dealer. In 2018 it has taxable income of $500,000 which includes taxable interest income of $25,000. The corporation did not own any municipal bonds. It has otherwise deductible interest expense for the year of $200,000, depreciation expense of 25,000 and amortization expense of $22,000 all of which were subtracted in arriving at the $500,000 taxable income figure. For the last three years the corporation had gross receipts exceeding...
In 2019, Nighthawk Corporation, a calendar year C corporation, has $4,900,000 of adjusted taxable income and $147,000 of business interest income. Nighthawk has no floor plan financing interest. The business interest expense for the year is $1,960,000. a. Assume that Nighthawk has average gross receipts for the prior three-year period of $40,000,000. Determine Nighthawk's current year deduction for business interest. $ b. Assume that Nighthawk has average gross receipts for the prior three-year period of $18,750,000. Determine Nighthawk's current year...
Question 2 (6 Points) Andersen Corporation, a calendar year, accrual method, C-Corporation, is in the business of manufacturing glass based products. In 2019, Andersen Corporation had taxable income before any limitations of $500.000. Andersen Corporation's had average annual gross receipts over the previous three tax years of $29,000,000. The following items of income and deductions are included in the computation of taxable income $400,000 business interest expense $250,000 depreciation $30,000 business interest income $75,000 amortization $100,000 research and development expenses...
Problem 5-25 (LO. 1, 2) Cardinal Corporation, a calendar year taxpayer, receives dividend income of $250,000 from a corporation in which it holds a 10% interest. Cardinal also receives interest income of $35,000 from municipal bonds. (The municipality used the proceeds from the bond issue to construct a library.) Cardinal borrowed funds to purchase the municipal bonds and pays $20,000 of interest on the loan. Excluding these three items, Cardinal's taxable income is $500,000. Cardinal has $150,000 of accumulated E...
Problem 3-38 (LO. 1, 3) In the current year, Tanager Corporation (a calendar year C corporation) had operating income of $480,000 and operating expenses $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: $ 24,200 x Feedback Check My Work Capital gains and losses result from the taxable sales or exchanges of capital assets. Whether...
4. Disinterested Corporation is a C Corporation but is not a car dealer. In 2018 it has taxable income of $500,000 which includes taxable interest income of $25,000. The corporation did not own any municipal bonds. It has otherwise deductible interest expense for the year of $200,000, depreciation expense of 25,000 and amortization expense of $22,000 all of which were subtracted in arriving at the $500,000 taxable income figure. For the last three years the corporation had gross receipts exceeding...
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