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Homework Answers
a) Total Taxable Income of Ilini Corp. = $500,000
Federal Income Tax $500,000*21% = $ 105,000
b) Ilini Corp. Current E & P = $ 1,500,000
c) Ilini Corp. Current Accumulated E & P at the beginning of next year = $ 1,485,000
d) Dividend Income to Carly = $ 30,000
e) Fair Value of the automobile will be the Tax basis for Carly's.
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