Homework Answers
6. A) 20%
7. B) Rental expenses in excess of rental income are added back to taxable income to arrive at PHCI
8. A) Throwback dividends
9. C) Investment in properties and securities unrelated to the activity of corporation.
10. B) Dividend paid deduction.
11. B) Personal Holding Company
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6. The personal holding company penalty tax rate is A) 20%. B) 10%. C) 15%. D)...
7. Identify which of the following statements is false. A) The 65% dividends-received deduction can be claimed when comp...
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). C) Ramirez Corporation is a personal holding company. Its taxable income for this year is $75,000. The corporation's charitable contributions are $10,000 greater than its income tax charitable contribution deduction limitation....
Thanks For your HELP!!! 13. When computing the accumulated earnings tax, the dividends-paid deduction is not...
Thanks For your HELP!!! 13. When computing the accumulated earnings tax, the dividends-paid deduction is not available for A) dividends paid during the tax year. B) throwback dividends. C) stock dividends. D) All of the above are deductible. 15. When computing the accumulated earnings tax, which of the following is not a reduction to arrive at accumulated taxable income? A) accumulated earnings credit B) NOL deduction claimed C) accrued federal income taxes D) dividends-paid deduction
12. When using the Bardahl formula, an increase in accounts payable (while holding purch holding purchases and oper...
12. When using the Bardahl formula, an increase in accounts payable (while holding purch holding purchases and operating expenses constant) has which of the following effects on the working capital requirements? A) decrease B) increase C) no effect D) increase, decrease, or no effect, depending on other factors 13. When computing the accumulated earnings tax, the dividends-paid deduction is not available for A) dividends paid during the tax year. B) throwback dividends. C) stock dividends. D) All of the above...
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....
6. The personal holding company penalty tax rate is A) 20%. B) 10%. C) 15%. D) 35%.
6. The personal holding company penalty tax rate is A) 20%. B) 10%. C) 15%. D) 35%.
Thanks For your HELP : ) 4. In determining accumulated taxable income for the purpose of...
Thanks For your HELP : ) 4. In determining accumulated taxable income for the purpose of the accumulated earnings tax, which one of the following is allowed as a deduction? A) excess charitable contributions B) dividends-received deduction C) net operating loss deduction D) net capital loss for the current year 5. Identify which of the following statements is true. A) Daisy Corporation is owned by a father and his son. The corporation employs 5 individuals to provide public accounting services....
84) Eagle Corporation, a personal holding company, has the following results: Taxable income $200,000 Dividends-received deduction &nbs
84) Eagle Corporation, a personal holding company, has the following results: Taxable income $200,000 Dividends-received deduction 30,000 Excess charitable contributions 10,000 Long-term capital gains 10,000 Federal income taxes 61,000 Calculate the PHC tax. 85) Raptor Corporation is a PHC for 2009 and reports $200,000 of taxable income on its federal income tax return. Operating profit $100,000 Long-term capital gain 80,000 Dividends (20%-owned corporation) 90,000 Interest 100,000 Gross income 370,000 Salaries expense (50,000) General and administrative expense (25,000) Dividends-received deduction (72,000)...
4. In determining accumulated taxable income for the purpose of the accumulated earnings tax, which one...
4. In determining accumulated taxable income for the purpose of the accumulated earnings tax, which one of the following is allowed as a deduction? A) excess charitable contributions B) dividends-received deduction C) net operating loss deduction D) net capital loss for the current year
An additional tax is assessed on Personal holding companies (PHC) if owners of a personal holding...
An additional tax is assessed on Personal holding companies (PHC) if owners of a personal holding company uses it to shelter investment income to be taxed at the corporate rate (21%) from their individual higher tax brackets and subject to the individual investment income surcharge. A PHC is defined as having over 60% of the adjusted ordinary gross income consisting of all of the following except: a. Business Income Net rent b. Royalties Dividends d Interest
Determine whether the following statements about the accumulated eangstax are true or false a. Before the...
Determine whether the following statements about the accumulated eangstax are true or false a. Before the IRS can impose the accumulated earnings tax, it need only show that tax avoidance was one of b. Long-term capital gains are included in the accumulated earnings tax base Select the appropriate answer below the motives for the corporation's unreasonable accumulation of earnings Select true/false Each corporate member of a controlled group can claim a separate $150,000 or $250,000 accumulated earnings credit. A dividends-paid...
12. When using the Bardahl formula, an increase in accounts payable (while holding purch holding purchases and operating expenses constant) has which of the following effects on the working capital requirements? A) decrease B) increase C) no effect D) increase, decrease, or no effect, depending on other factors 13. When computing the accumulated earnings tax, the dividends-paid deduction is not available for A) dividends paid during the tax year. B) throwback dividends. C) stock dividends. D) All of the above...
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....
An additional tax is assessed on Personal holding companies (PHC) if owners of a personal holding company uses it to shelter investment income to be taxed at the corporate rate (21%) from their individual higher tax brackets and subject to the individual investment income surcharge. A PHC is defined as having over 60% of the adjusted ordinary gross income consisting of all of the following except: a. Business Income Net rent b. Royalties Dividends d Interest
Determine whether the following statements about the accumulated eangstax are true or false a. Before the IRS can impose the accumulated earnings tax, it need only show that tax avoidance was one of b. Long-term capital gains are included in the accumulated earnings tax base Select the appropriate answer below the motives for the corporation's unreasonable accumulation of earnings Select true/false Each corporate member of a controlled group can claim a separate $150,000 or $250,000 accumulated earnings credit. A dividends-paid...
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