Can anybody provide clear instructions of this question？
Homework Answers
As per the federal law a corporation is allowed deduction from a domestic corporation which is fifty percent of the dividend. However where a domestic corporation is owned greater than 20% there the deduction is increased to sixty five percent
In case of foreign company whose profits are accumulated by a domestic company will be treated in par with a domestic company
So, part a,b and e will be allowed deduction @ 50%
part c and d will be allowed deduction @ 65%
Add Answer to:
Can anybody provide clear instructions of this question？
#10 V Corporation receives 10,000 in dividends from...
Can anybody provide clear instructions of this problem？ #8 Q Corporation has an NOL carryforward-45,000 and...
Can anybody provide clear instructions of this problem？
#8 Q Corporation has an NOL carryforward-45,000 and the following information: Book Net Income B-TDifferences Taxable Income (all are assumed except for charitable) 500,000 Gross Profit Operating expenses Charitable contributions Dividend Income Net Income 520,000 +5,000 (255,000) 40,000 +20,000 (260,000) (90,000) 80,000 230,000 40,000 How much is modified taxable income? How much is the charitable contribution deduction for tax? What is taxable income?
Question 3 1 pts A corporation receives $4 million in dividends from another corporation. Suppose these...
Question 3 1 pts A corporation receives $4 million in dividends from another corporation. Suppose these dividends are eligible for a 70% dividend received deduction. If T-35%, what is the effective tax on these dividends? O 19.5% O 35% 25% 10.5% 0 0%, since dividends are tax deductible for corporations. 1 pts > Question 4
Question 26 The dividends-received deduction is designed to reduce double taxation of corporate dividends payable to...
Question 26 The dividends-received deduction is designed to reduce double taxation of corporate dividends payable to individual shareholders. True False Henry transfers property with an adjusted basis of $90,000 and an FMV of $100,000 to a newly-formed corporation in a Sec. 351 exchange. Henry receives stock with an FMV of $80,000 and a short-term note with a $20,000 FMV. Henry's recognized gain is $0. $5,000 $20,000 $10,000 Sun and Moon Corporations each have only one class of stock outstanding. Their...
U.S. Corporation Income Tax Return OMB No. 1545-0123 Fam 1120 For calendar year 2019 or tax...
U.S. Corporation Income Tax Return OMB No. 1545-0123 Fam 1120 For calendar year 2019 or tax year beginning ,2019, ending 20 2019 Dopartment of the Treasury Internal Rovenue Service A Check if: 1a Consolktatod rotum (attach Form 851) b Lifenonlile consol- datod roturm. ► Go to www.irs.gov/Form1120 for instructions and the latost information. Name B Employer identification number ТҮРЕ OR Number, stroet, and room or suite no. If a P.O. box, s0o instructions. C Duto incorporated PRINT 2 Posonal holding...
Question 11 Money Corporation has the following income and expenses for the tax year: $200,000 700,000...
Question 11 Money Corporation has the following income and expenses for the tax year: $200,000 700,000 20,000 Gross profit on sales: Expenses: Dividends received from less-than-20%-owned domestic corporations: What is Money's net operating loss? $490,000 $494,000 $220,000 $520,000 Joker Corporation owns 80% of Klue Corporation. Joker Corporation also owns 45% of Lion Corporation and 45% of Mark Corporation. Klue Corporation owns 40% of Lion Corporation and 10% of Mark Corporation. Which corporations are members of a controlled group? Joker and...
It is based on the multiple-choice question pasted below. Use the current 21 percent tax rate....
It is based on the multiple-choice question pasted below. Use the current 21 percent tax rate. (28) in the current year, Acom, Inc., had the following items of income and expense! Sales $500,000 Cost of sales 250,000 Dividends received 25,000 The dividends were received from a corporation of which Acom owns 30%. In Acom's current yoar income tax rotum, what amount should be reported as income before special deductions? A. $525.000 B. $508,750 C. $275,000 D. $250.000 The correct answer...
Schedule M-1 (LO 11.4) Caloundra Corporation has book income of $40,000. Included in the book income...
Schedule M-1 (LO 11.4) Caloundra Corporation has book income of $40,000. Included in the book income is $3,000 of tax-exempt interest, $7,000 of book income tax expense, and a $2.000 non- deductible fine. Also included in book income are $10,000 of dividends Caloundra received from a 30% owned corporation Using this information and Form 1120, provide the amounts that go on each line on the form. Click here to access a blank Form 1120 and accompanying instructions. a. Form 1120,...
a. Toby and Aly incorporate ASI, and each owner contributes $10,000 cash ($20,000 total) to the...
a. Toby and Aly incorporate ASI, and each owner contributes $10,000 cash ($20,000 total) to the new corporation. The corporation issues stock to Toby and Aly. b. ASI Borrows $5,000 cash from a local bank using a one-year note. C. ASI pays $10,000 cash to buy a truck. d. ASI purchases $400 worth of grooming supplies (shampoos, etc.) on account. The company receives a bill and will pay the bill later. e. On January 1, ASI pays $600 in advance...
Comprehensive Problem 10-77 (LO 10-1, LO 10-2, LO 10-3, LO 10-4, LO 10-5) [The following information...
Comprehensive Problem 10-77 (LO 10-1, LO 10-2, LO 10-3, LO 10-4, LO 10-5) [The following information applies to the questions displayed below.] While completing undergraduate school work in information systems, Dallin Bourne and Michael Banks decided to start a technology support company called eSys Answers. During year 1, they bought the following assets and incurred the following start-up fees: Year 1 Assets Computers (5-year) Office equipment (7-year) Furniture (7-year) Start-up costs Purchase Date October 30, y1 October 30, Yi October...
Q Search Sheet 9+ Share Σ AutoSum , 49 Q H Fill .00 0 Insert Delete...
Q Search Sheet 9+ Share Σ AutoSum , 49 Q H Fill .00 0 Insert Delete Format .00 Conditional Format Formatting as Table Cell Styles Clear Sort & Filter Find & Select Home Insert Draw Page Layout Formulas Data Review View X Cut Calibri (Body) 11 A- A+ Wrap Text General Copy Paste Β Ι Ο А = + Format Merge & Center $ B6 4 X v fx The following is a list of transactions for 2020 for Amazing...
Can anybody provide clear instructions of this problem？
#8 Q Corporation has an NOL carryforward-45,000 and the following information: Book Net Income B-TDifferences Taxable Income (all are assumed except for charitable) 500,000 Gross Profit Operating expenses Charitable contributions Dividend Income Net Income 520,000 +5,000 (255,000) 40,000 +20,000 (260,000) (90,000) 80,000 230,000 40,000 How much is modified taxable income? How much is the charitable contribution deduction for tax? What is taxable income?
Question 3 1 pts A corporation receives $4 million in dividends from another corporation. Suppose these dividends are eligible for a 70% dividend received deduction. If T-35%, what is the effective tax on these dividends? O 19.5% O 35% 25% 10.5% 0 0%, since dividends are tax deductible for corporations. 1 pts > Question 4
Question 26 The dividends-received deduction is designed to reduce double taxation of corporate dividends payable to individual shareholders. True False Henry transfers property with an adjusted basis of $90,000 and an FMV of $100,000 to a newly-formed corporation in a Sec. 351 exchange. Henry receives stock with an FMV of $80,000 and a short-term note with a $20,000 FMV. Henry's recognized gain is $0. $5,000 $20,000 $10,000 Sun and Moon Corporations each have only one class of stock outstanding. Their...
U.S. Corporation Income Tax Return OMB No. 1545-0123 Fam 1120 For calendar year 2019 or tax year beginning ,2019, ending 20 2019 Dopartment of the Treasury Internal Rovenue Service A Check if: 1a Consolktatod rotum (attach Form 851) b Lifenonlile consol- datod roturm. ► Go to www.irs.gov/Form1120 for instructions and the latost information. Name B Employer identification number ТҮРЕ OR Number, stroet, and room or suite no. If a P.O. box, s0o instructions. C Duto incorporated PRINT 2 Posonal holding...
Question 11 Money Corporation has the following income and expenses for the tax year: $200,000 700,000 20,000 Gross profit on sales: Expenses: Dividends received from less-than-20%-owned domestic corporations: What is Money's net operating loss? $490,000 $494,000 $220,000 $520,000 Joker Corporation owns 80% of Klue Corporation. Joker Corporation also owns 45% of Lion Corporation and 45% of Mark Corporation. Klue Corporation owns 40% of Lion Corporation and 10% of Mark Corporation. Which corporations are members of a controlled group? Joker and...
It is based on the multiple-choice question pasted below. Use the current 21 percent tax rate. (28) in the current year, Acom, Inc., had the following items of income and expense! Sales $500,000 Cost of sales 250,000 Dividends received 25,000 The dividends were received from a corporation of which Acom owns 30%. In Acom's current yoar income tax rotum, what amount should be reported as income before special deductions? A. $525.000 B. $508,750 C. $275,000 D. $250.000 The correct answer...
Schedule M-1 (LO 11.4) Caloundra Corporation has book income of $40,000. Included in the book income is $3,000 of tax-exempt interest, $7,000 of book income tax expense, and a $2.000 non- deductible fine. Also included in book income are $10,000 of dividends Caloundra received from a 30% owned corporation Using this information and Form 1120, provide the amounts that go on each line on the form. Click here to access a blank Form 1120 and accompanying instructions. a. Form 1120,...
a. Toby and Aly incorporate ASI, and each owner contributes $10,000 cash ($20,000 total) to the new corporation. The corporation issues stock to Toby and Aly. b. ASI Borrows $5,000 cash from a local bank using a one-year note. C. ASI pays $10,000 cash to buy a truck. d. ASI purchases $400 worth of grooming supplies (shampoos, etc.) on account. The company receives a bill and will pay the bill later. e. On January 1, ASI pays $600 in advance...
Comprehensive Problem 10-77 (LO 10-1, LO 10-2, LO 10-3, LO 10-4, LO 10-5) [The following information applies to the questions displayed below.] While completing undergraduate school work in information systems, Dallin Bourne and Michael Banks decided to start a technology support company called eSys Answers. During year 1, they bought the following assets and incurred the following start-up fees: Year 1 Assets Computers (5-year) Office equipment (7-year) Furniture (7-year) Start-up costs Purchase Date October 30, y1 October 30, Yi October...
Q Search Sheet 9+ Share Σ AutoSum , 49 Q H Fill .00 0 Insert Delete Format .00 Conditional Format Formatting as Table Cell Styles Clear Sort & Filter Find & Select Home Insert Draw Page Layout Formulas Data Review View X Cut Calibri (Body) 11 A- A+ Wrap Text General Copy Paste Β Ι Ο А = + Format Merge & Center $ B6 4 X v fx The following is a list of transactions for 2020 for Amazing...
Most questions answered within 3 hours.
-
Adria Lopez, owner of Success Systems, decides to prepare a
statement of cash flows for her...
asked 3 minutes ago -
The reach and involvement of the federal government, in terms of
its role in disaster relief,...
asked 6 minutes ago -
Problem: The equilibrium constant, Keq, is 5 x 10^-11 m HCO3
<-----------> H^+ + CO3^-2 Calculate...
asked 13 minutes ago -
Explain how blackbody radiation led to the idea of "quanta."
Will rate answer!
asked 19 minutes ago -
Two noble gases (Ne and He) are injected into the chambers of an
insulated container. Each...
asked 14 minutes ago -
Suppose you purchase a zero coupon bond with a face value of
$1,000, maturing in 18...
asked 18 minutes ago -
Do you believe that the $785,000 amount at the center of the
Overstock-Grant Thornton dispute was...
asked 20 minutes ago -
Find and , the mean and standard deviation of the
sampling distribution of :
μ = 25,...
asked 44 minutes ago -
According to the manufacturer of a certain candy, 9% of the
candy produced are red. If...
asked 1 hour ago -
A Eucher Deck consists of 24 cards. In a four- player game, each
player is dealt...
asked 1 hour ago -
This is a challenging question.
The titration of an impure sample of KHP found that 36.00...
asked 1 hour ago -
1. Starting from rest, an automatic subway train is controlled
by a computer
that causes it’s...
asked 44 minutes ago