Exercise 22-15 (Algorithmic) (LO. 10) Matulis, Inc., a C corporation, owns a single asset with a...
Exercise 22-15 (Algorithmic) (LO. 10)
Matulis, Inc., a C corporation, owns a single asset with a basis of $340,800 and a fair market value of $817,920. Matulis elects S corporation status. Matulis holds a positive E & P balance. The entity elects S corporation status for 2020 and then sells the asset.
Compute the corporate-level built-in gains tax that must be paid by Matulis.
If required, round your answer to the nearest dollar.
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Exercise 22-15 (Algorithmic) (LO. 10)
Matulis, Inc., a C corporation, owns a single asset with a...
Exercise 22-15 (Algorithmic) (LO. 10) Matulis, Inc., a C corporation, owns a single asset with a...
Exercise 22-15 (Algorithmic) (LO. 10) Matulis, Inc., a C corporation, owns a single asset with a basis of $446,400 and a fair market value of $1,071,360. Matulis elects S corporation status. Matulis holds a positive E & P balance. The entity elects S corporation status for 2019 and then sells the asset. Compute the corporate-level built-in gains tax that must be paid by Matulis. If required, round your answer to the nearest dollar.
Exercise 22-16 (Algorithmic) (LO. 10) TyroneCo, an S corporation with a positive E & P balance,...
Exercise 22-16 (Algorithmic) (LO. 10) TyroneCo, an S corporation with a positive E & P balance, reports gross receipts for the year totaling $453,000 (of which $226,500 is passive investment income). Expenditures directly connected to the production of the passive investment income total $90,600. Compute Tyrone’s passive investment income tax. If required, round your final answer to the nearest dollar. $
Exercise 3-22 (Algorithmic) (LO. 1) Goose Corporation, a C corporation, incurs a net capital loss of...
Exercise 3-22 (Algorithmic) (LO. 1) Goose Corporation, a C corporation, incurs a net capital loss of $32,300 for 2020. It also has ordinary income of $25,840 in 2020, Goose had net capital gains of $6,460 in 2016 and $12,920 in 2019. b. Determine the amount, if any, of the net capital loss of $32,300 that is carried forward to 2021. 27,300 X
Exercise 3-22 (Algorithmic) (LO. 1) Goose Corporation, a C corporation, incurs a net capital loss of...
Exercise 3-22 (Algorithmic) (LO. 1) Goose Corporation, a C corporation, incurs a net capital loss of $46,700 for 2020. It also has ordinary income of $37,360 in 2020. Goose had net capital gains of $9,340 in 2016 and $18,680 in 2019. If an amount is zero, enter "O". a. Determine the amount, if any, of the net capital loss of $46,700 that is deductible in 2020. $ b. Determine the amount, if any, of the net capital loss of $46,700...
Exercise 8-22 (Algorithmic) (LO. 2) Hamlet acquires a 7-year class asset on November 23, 2019, for...
Exercise 8-22 (Algorithmic) (LO. 2) Hamlet acquires a 7-year class asset on November 23, 2019, for $189,000 (the only asset acquired during the year). Hamlet does not elect immediate expensing under $ 179. He does not claim any available additional first year depreciation. This is Hamlet's only tangible personal property acquisition for the year. Click here to access the depreciation table to use for this problem. If required, round your answers to the nearest dollar. Calculate Hamlet's cost recovery deduction...
Exercise 8-22 (Algorithmic) (LO. 2) Hamlet acquires a 7-year class asset on November 23, 2019, for...
Exercise 8-22 (Algorithmic) (LO. 2) Hamlet acquires a 7-year class asset on November 23, 2019, for $281,400 (the only asset acquired during the year). Hamlet does not elect immediate expensing under § 179. He does not claim any available additional first year depreciation. This is Hamlet's only tangible personal property acquisition for the year. Click here to access the depreciation table to use for this problem. If required, round your answers to the nearest dollar. Calculate Hamlet's cost recovery deduction...
eBook Calculatos Exercise 4-22 (Algorithmic) (LO. 2) Bigham Corporation, an accrual basis calendar year taxpayer, sells...
eBook Calculatos Exercise 4-22 (Algorithmic) (LO. 2) Bigham Corporation, an accrual basis calendar year taxpayer, sells its services under 12-month and 24-month contracts. The corporation provides services to each customer every month. On July 1, 2019, Bigham sold the following customer contracts: Length of contract 12 months Total Proceeds $48,400 $96,800 24 months Determine the income to be recognized in taxable income in 2019 and 2020. Length of Contract 2019 Income 2020 Income 12 months 24 months
Exercise 4-22 (Algorithmic) (LO. 2) Bigham Corporation, an accrual basis calendar year taxpayer, sells its services...
Exercise 4-22 (Algorithmic) (LO. 2) Bigham Corporation, an accrual basis calendar year taxpayer, sells its services under 12-month and 24-month contracts. The corporation provides services to each customer every month. On July 1, 2019, Bigham sold the following customer contracts: Length of contract 12 months Total Proceeds $40,000 $80,000 24 months Determine the income to be recognized in taxable income in 2019 and 2020. Length of Contract 2019 Income 2020 Income 12 months $ $ $ 24 months
Exercise 16-12 (Algorithmic) (LO. 2) Dexter owns a large tract of land and subdivides it for...
Exercise 16-12 (Algorithmic) (LO. 2) Dexter owns a large tract of land and subdivides it for sale. Assume that Dexter meets all of the requirements of § 1237 and during the tax year sells the first eight lots to eight different buyers for $111,400 each. Dexter's basis in each lot sold is $77,980, and he incurs total selling expenses of $4,456 on each sale. What is the amount of Dexter's capital gain and ordinary income? If required, round your answers...
Exercise 10-22 (Algorithmic) (LO. 8) Pedro, who is a single taxpayer, had AGI of $371,000 for...
Exercise 10-22 (Algorithmic) (LO. 8) Pedro, who is a single taxpayer, had AGI of $371,000 for 2017. He incurred the following expenses during the year * Medical expenses before 10%-of-AGI limitation $17,180 State and local income taxes $11,130 - Real estate taxes $2,226 Home mortgage interest $18,550 . Charitable contributions $4,452 Deductible investment interest expense $1,670 after any applicable reductions and/or limitations. Round your computations to the Compute the amount of Pedro's itemized depductions nearest dollar and use rounded amounts...
Exercise 22-15 (Algorithmic) (LO. 10) Matulis, Inc., a C corporation, owns a single asset with a basis of $446,400 and a fair market value of $1,071,360. Matulis elects S corporation status. Matulis holds a positive E & P balance. The entity elects S corporation status for 2019 and then sells the asset. Compute the corporate-level built-in gains tax that must be paid by Matulis. If required, round your answer to the nearest dollar.
Exercise 3-22 (Algorithmic) (LO. 1) Goose Corporation, a C corporation, incurs a net capital loss of $32,300 for 2020. It also has ordinary income of $25,840 in 2020, Goose had net capital gains of $6,460 in 2016 and $12,920 in 2019. b. Determine the amount, if any, of the net capital loss of $32,300 that is carried forward to 2021. 27,300 X
Exercise 3-22 (Algorithmic) (LO. 1) Goose Corporation, a C corporation, incurs a net capital loss of $46,700 for 2020. It also has ordinary income of $37,360 in 2020. Goose had net capital gains of $9,340 in 2016 and $18,680 in 2019. If an amount is zero, enter "O". a. Determine the amount, if any, of the net capital loss of $46,700 that is deductible in 2020. $ b. Determine the amount, if any, of the net capital loss of $46,700...
Exercise 8-22 (Algorithmic) (LO. 2) Hamlet acquires a 7-year class asset on November 23, 2019, for $189,000 (the only asset acquired during the year). Hamlet does not elect immediate expensing under $ 179. He does not claim any available additional first year depreciation. This is Hamlet's only tangible personal property acquisition for the year. Click here to access the depreciation table to use for this problem. If required, round your answers to the nearest dollar. Calculate Hamlet's cost recovery deduction...
Exercise 8-22 (Algorithmic) (LO. 2) Hamlet acquires a 7-year class asset on November 23, 2019, for $281,400 (the only asset acquired during the year). Hamlet does not elect immediate expensing under § 179. He does not claim any available additional first year depreciation. This is Hamlet's only tangible personal property acquisition for the year. Click here to access the depreciation table to use for this problem. If required, round your answers to the nearest dollar. Calculate Hamlet's cost recovery deduction...
eBook Calculatos Exercise 4-22 (Algorithmic) (LO. 2) Bigham Corporation, an accrual basis calendar year taxpayer, sells its services under 12-month and 24-month contracts. The corporation provides services to each customer every month. On July 1, 2019, Bigham sold the following customer contracts: Length of contract 12 months Total Proceeds $48,400 $96,800 24 months Determine the income to be recognized in taxable income in 2019 and 2020. Length of Contract 2019 Income 2020 Income 12 months 24 months
Exercise 4-22 (Algorithmic) (LO. 2) Bigham Corporation, an accrual basis calendar year taxpayer, sells its services under 12-month and 24-month contracts. The corporation provides services to each customer every month. On July 1, 2019, Bigham sold the following customer contracts: Length of contract 12 months Total Proceeds $40,000 $80,000 24 months Determine the income to be recognized in taxable income in 2019 and 2020. Length of Contract 2019 Income 2020 Income 12 months $ $ $ 24 months
Exercise 16-12 (Algorithmic) (LO. 2) Dexter owns a large tract of land and subdivides it for sale. Assume that Dexter meets all of the requirements of § 1237 and during the tax year sells the first eight lots to eight different buyers for $111,400 each. Dexter's basis in each lot sold is $77,980, and he incurs total selling expenses of $4,456 on each sale. What is the amount of Dexter's capital gain and ordinary income? If required, round your answers...
Exercise 10-22 (Algorithmic) (LO. 8) Pedro, who is a single taxpayer, had AGI of $371,000 for 2017. He incurred the following expenses during the year * Medical expenses before 10%-of-AGI limitation $17,180 State and local income taxes $11,130 - Real estate taxes $2,226 Home mortgage interest $18,550 . Charitable contributions $4,452 Deductible investment interest expense $1,670 after any applicable reductions and/or limitations. Round your computations to the Compute the amount of Pedro's itemized depductions nearest dollar and use rounded amounts...
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