Homework Answers
Answer:- The Correct answer is (a) Business Income
PHC Income generally consists of following sources of income given below,
Dividends
Interest
Royalties
Annuties
Rent
And some others income but its not including Business income
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An additional tax is assessed on Personal holding companies (PHC) if owners of a personal holding...
A corporation could be subject to additional tax if which of the following are true, mark...
A corporation could be subject to additional tax if which of the following are true, mark all that apply. a. Personal holding company tax for being a corporation with few owners and more than 50% of the corporation Income is investment type income. Excessive earnings are retained in the corporation and not appropriately distributed to shareholders. b. c. Alternative minimum tax to ensure corporations pay their fair share. Net investment tax for large corporations. d. e. Corporations are only assessed...
6. The personal holding company penalty tax rate is A) 20%. B) 10%. C) 15%. D)...
6. The personal holding company penalty tax rate is A) 20%. B) 10%. C) 15%. D) 35% 7. Identify which of the following statements is false. A) The 65% dividends-received deduction can be claimed when computing a corporation's undistributed personal holding company income (UPHCI). B) Rental expenses in excess of rental income are added back to taxable income to arrive at personal holding company income (PHCI). Ramirez Corporation is a personal holding company. Its taxable income for this year is...
1. Which of the following actions cannot be used to eliminate a possible personal holding company...
1. Which of the following actions cannot be used to eliminate a possible personal holding company tax liability involving a corporation owned by a mother and a father? A) Sell additional stock to other family members. B) Make a cash distribution within 2 1/2 months of the end of the tax year. C) Make a deficiency distribution within 90 days of the date on which the IRS determines that a personal holding company liability is owed. D) Liquidate the corporation....
Identify the additional amount of tax that will be due from the taxpayer on the dividends receive...
Identify the additional amount of tax that will be due from the taxpayer on the dividends received in each of the scenarios below. TAX YEAR 2018 a. Masha (an individual taxpayer) owns 100 percent of Metro Fashion Corporation. In 2018, she receives a $100,000 dividend from the Corporation. Masha’s other sources of income this year are wages of $80,000 (thus, she is not considered a high income taxpayer). b. Tyson Corporation owns 100 percent of Lafayette Corporation, and both companies...
Federal Income Taxes Individuals and firms pay out a significant portion of their income as taxes,...
Federal Income Taxes Individuals and firms pay out a significant portion of their income as taxes, so taxes are important in both personal and corporate decisions. Our tax system is progressive. Individual Individuals pay taxes on wages, on investment income, and on the profits of proprietorships and partnerships. Taxable income is defined as gross income less a set of exemptions and deductions. In 2013, the personal exemption is $3,900 per person. A capital gain (loss) is the profit (loss) from...
Achoices: Total tax liability owed, Adjusted gross income (AGI), Gross income (all income subject to income...
Achoices: Total tax liability owed, Adjusted gross income (AGI),
Gross income (all income subject to income taxes]
Bchoices: Total personal exemptions, (AGI), Adjustments to
(gross) income
Cchoices: Total tax liability owed, Itemized deductions,
(AGI)
Dchoices: Taxable income Total personal exemptions Total tax
liability owed
E: Taxable income (AGI) Other taxes
F: Other taxes Total personal exemptions Tax credits
G: Tax credits Other credits Tax liability owed
H: Taxable income Total tax liability owed Adjestments to
(gross) income
Ch 03: Assignment...
Federal Income Taxes Individuals and firms pay out a significant portion of their income as taxes,...
Federal Income Taxes Individuals and firms pay out a significant portion of their income as taxes, so taxes are important in both personal and corporate decisions. Our tax system is progressive. Individual Individuals pay taxes on wages, on investment income, and on the profits of proprietorships and partnerships. Taxable income is defined as gross income less a set of exemptions and deductions. In 2013, the personal exemption is $3,900 per person. A capital gain (loss) is the profit (loss) from...
Ch 03: Blueprint Problems- Financial Statements, Cash Flow, and Taxes 2017 Individual Tax Rates Single Individual...
Ch 03: Blueprint Problems- Financial Statements, Cash Flow, and Taxes 2017 Individual Tax Rates Single Individuals Plus This Percentage You Pay This Average Tax Amount on the on the Excess over the Rate at Base (Marginal Rate) Base of the Bracket If Your Taxable Top of Bracket Income Is 10.0 % 10.0% Up to $9,325 $0 $9,325 $37,950 932.50 15.0 13.8 $37,950 $91,900 5,226.25 25.0 20.4 $91,900 $191,650 18,713.75 28.0 24.3 $191,650 $416,700 46,643.75 33.0 29.0 $416,700 $418,400 120,910.25 35.0...
10. (Tor F) The holding period describes the length of time that an asset is held....
10. (Tor F) The holding period describes the length of time that an asset is held. If the holding period is less than 12 months, a taxpayer cannot get a preferential capital gain tax rate. 11..(Tor F) When real estate property is acquired, a portion of the adjusted tax basis may be allocated to the value of the leasehold interests acquired. 12..(TorF) A Section 1031 exchange can be accomplished when the taxpayer acquires the new like kind property before selling...
Provisions of the U.S. Tax Code for Corporations and Individuals In general, is the U.S. federal...
Provisions of the U.S. Tax Code for Corporations and Individuals In general, is the U.S. federal tax system progressive or regressive? ____Regressive ____Progressive Which of the following cash outflows cannot be deducted from the operating income to derive the corporation’s taxable income? ____Dividends paid ____Interest paid Green Catepillar Garden Supplies owns 332,000 shares in the Big Bovine Fertilizer Company. If Big Bovine has 400,000 shares of common stock outstanding, can Green Catepillar file a single income tax return that reports...
A corporation could be subject to additional tax if which of the following are true, mark all that apply. a. Personal holding company tax for being a corporation with few owners and more than 50% of the corporation Income is investment type income. Excessive earnings are retained in the corporation and not appropriately distributed to shareholders. b. c. Alternative minimum tax to ensure corporations pay their fair share. Net investment tax for large corporations. d. e. Corporations are only assessed...
6. The personal holding company penalty tax rate is A) 20%. B) 10%. C) 15%. D) 35% 7. Identify which of the following statements is false. A) The 65% dividends-received deduction can be claimed when computing a corporation's undistributed personal holding company income (UPHCI). B) Rental expenses in excess of rental income are added back to taxable income to arrive at personal holding company income (PHCI). Ramirez Corporation is a personal holding company. Its taxable income for this year is...
1. Which of the following actions cannot be used to eliminate a possible personal holding company tax liability involving a corporation owned by a mother and a father? A) Sell additional stock to other family members. B) Make a cash distribution within 2 1/2 months of the end of the tax year. C) Make a deficiency distribution within 90 days of the date on which the IRS determines that a personal holding company liability is owed. D) Liquidate the corporation....
Federal Income Taxes Individuals and firms pay out a significant portion of their income as taxes, so taxes are important in both personal and corporate decisions. Our tax system is progressive. Individual Individuals pay taxes on wages, on investment income, and on the profits of proprietorships and partnerships. Taxable income is defined as gross income less a set of exemptions and deductions. In 2013, the personal exemption is $3,900 per person. A capital gain (loss) is the profit (loss) from...
Achoices: Total tax liability owed, Adjusted gross income (AGI),
Gross income (all income subject to income taxes]
Bchoices: Total personal exemptions, (AGI), Adjustments to
(gross) income
Cchoices: Total tax liability owed, Itemized deductions,
(AGI)
Dchoices: Taxable income Total personal exemptions Total tax
liability owed
E: Taxable income (AGI) Other taxes
F: Other taxes Total personal exemptions Tax credits
G: Tax credits Other credits Tax liability owed
H: Taxable income Total tax liability owed Adjestments to
(gross) income
Ch 03: Assignment...
Ch 03: Blueprint Problems- Financial Statements, Cash Flow, and Taxes 2017 Individual Tax Rates Single Individuals Plus This Percentage You Pay This Average Tax Amount on the on the Excess over the Rate at Base (Marginal Rate) Base of the Bracket If Your Taxable Top of Bracket Income Is 10.0 % 10.0% Up to $9,325 $0 $9,325 $37,950 932.50 15.0 13.8 $37,950 $91,900 5,226.25 25.0 20.4 $91,900 $191,650 18,713.75 28.0 24.3 $191,650 $416,700 46,643.75 33.0 29.0 $416,700 $418,400 120,910.25 35.0...
10. (Tor F) The holding period describes the length of time that an asset is held. If the holding period is less than 12 months, a taxpayer cannot get a preferential capital gain tax rate. 11..(Tor F) When real estate property is acquired, a portion of the adjusted tax basis may be allocated to the value of the leasehold interests acquired. 12..(TorF) A Section 1031 exchange can be accomplished when the taxpayer acquires the new like kind property before selling...
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