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A calendar years corporation (withuot earnings and profits) incurred an ordinary loss of $20,000 for 2019....
2. Southern Corporation, a calendar year corporation, was formed 3 years ago by its sole shareholder,...
2. Southern Corporation, a calendar year corporation, was formed 3 years ago by its sole shareholder, Jason, who has operated as an S corporation since its inception. Last year, Jason made a direct loan to the company in the amount of $4,000. Southern Corporation has paid interest on the loan but has not yet paid any principal (Assume the loan qualifies as debt for tax purposes). In year 4, War Eagle Corp experiences a $25,000 ordinary business loss and earns...
15. The sole shareholder of an S Corp is active in the business and has a...
15. The sole shareholder of an S Corp is active in the business and has a basis of $5,000 in the stock. The shareholder also has loaned $3,000 to the corporation. The shareholder's information return from the S Corp indicated the shareholder's portion of the loss from ordinary business is $7,000. a) How much if anything can the shareholder deduct on his individual tax return? b) What is the shareholder's basis in the shares at the beginning of the next...
Alsop Corporation, a calendar year C Corp, had the following income and expenses in 2019: Income...
Alsop Corporation, a calendar year C Corp, had the following income and expenses in 2019: Income from Operations $385,000 Expenses from Operations 185,000 Dividends Received (30% ownership) 70,000 Capital Loss Carry back 22,000 Charitable Contribution 115,000 a. What is Alsop Corporation’s charitable deduction for 2019? b. What happens to the portion (if any) that is not deducible? 2. ABC is a sole proprietorship owned by Clark. The company’s records show the following: Sales Revenue 275,000 Interest on State of Kansas...
.43. LO.1 Aquamarine Corporation, a calendar year C corporation, makes the following donations to qualified charitable...
.43. LO.1 Aquamarine Corporation, a calendar year C corporation, makes the following donations to qualified charitable organizations during the current year: Adjusted Basis Fair Market Value Painting held four years as an investment, to a $15,000 $25,000 church, which sold it immediately Apple stock held two years as an investment, to 40,000 90,000 United Way, which sold it immediately Canned groceries held one month as inventory, to 10,000 17,000 Catholic Meals for the Poor Determine the amount of Aquamarine Corporation's...
During the current year, Sparrow Corporation, a calendar year C corporation, had operating income of $425,000,...
During the current year, Sparrow Corporation, a calendar year C corporation, had operating income of $425,000, operating expenses of $280,000, a short-term capital loss of $10,000, and a long-term capital gain of $25,00 w much is Sparrow's income tax liability for the year? $32,700 $33,600 $45,650 $62,400 1. Dahlia Corp. was organized and commenced Operations in 1930. At December 1, 2020, Dahlia had accumulated earnings and profits of $9,000 before a dividend declaration and distribution, On Decemb 2 020, Dahlia...
1- In the current year, Wilson Enterprises, a calendar year taxpayer, suffers a casualty loss of...
1- In the current year, Wilson Enterprises, a calendar year taxpayer, suffers a casualty loss of $190,000. The casualty was attributable to a Federally declared disaster. How much of the casualty loss will be deductible by Wilson under the following circumstances? a. Wilson is an individual proprietor and has AGI of $475,000. The casualty loss was a personal loss, and the insurance recovered was $104,500 before any limitations. Wilson can claim a casualty loss as an itemized deduction of $....
Suppose that at the beginning of 2019 Jamaal's basis in his S corporation stock is $0,...
Suppose that at the beginning of 2019 Jamaal's basis in his S corporation stock is $0, he has a $0 debt basis associated with a $20,000 loan he made to the S corporation, and he has a $15,000 suspended loss from the S corporation. In 2019, Jamaal contributed $18,000 to the S corporation, and the S corporation had ordinary income of $14,000. Assume that Jamaal owns 40 percent of the S corporation. How much net income or loss does Jamaal...
Goose Corporation, a C corporation, incurs a net capital loss of $52,700 for 2019. It also...
Goose Corporation, a C corporation, incurs a net capital loss of $52,700 for 2019. It also has ordinary income of $42,160 in 2019. Goose had net capital gains of $10,540 in 2015 and $21,080 in 2018. If an amount is zero, enter "0". a. Determine the amount, if any, of the net capital loss of $52,700 that is deductible in 2019. b. Determine the amount, if any, of the net capital loss of $52,700 that is carried forward to 2020.
Mavis is the sole shareholder of Randiff, Inc., an S corporation with a December 31 year-end. The...
Mavis is the sole shareholder of Randiff, Inc., an S corporation with a December 31 year-end. The basis of her stock at January 1, 20X1, is $20,000. She loaned the corporation $10,000 on January 1, 20X1. The corporation had a taxable loss of $24,000 in 20X1 and taxable income of $15,000 in 20X2. What is the stock basis at December 31, 20X2? A. $6,000 B. $11,000 C. $12,000 D. $24,000
Question. In 2019, C Corporation: (i) had $100,000 income from operations, (ii) Received a $10,000 dividend...
Question. In 2019, C Corporation: (i) had $100,000 income from operations, (ii) Received a $10,000 dividend from Y Corporation of which C owned less than 1%, and (iii) contributed $15,000 cash to a qualified charitable organization. In 2020, C Corporation: (i) had $100,000 of income from operations and sold its Y stock (which it had owned for 10 years) for a net capital gain of $20,000. What is C taxable income in 2020?
2. Southern Corporation, a calendar year corporation, was formed 3 years ago by its sole shareholder, Jason, who has operated as an S corporation since its inception. Last year, Jason made a direct loan to the company in the amount of $4,000. Southern Corporation has paid interest on the loan but has not yet paid any principal (Assume the loan qualifies as debt for tax purposes). In year 4, War Eagle Corp experiences a $25,000 ordinary business loss and earns...
15. The sole shareholder of an S Corp is active in the business and has a basis of $5,000 in the stock. The shareholder also has loaned $3,000 to the corporation. The shareholder's information return from the S Corp indicated the shareholder's portion of the loss from ordinary business is $7,000. a) How much if anything can the shareholder deduct on his individual tax return? b) What is the shareholder's basis in the shares at the beginning of the next...
.43. LO.1 Aquamarine Corporation, a calendar year C corporation, makes the following donations to qualified charitable organizations during the current year: Adjusted Basis Fair Market Value Painting held four years as an investment, to a $15,000 $25,000 church, which sold it immediately Apple stock held two years as an investment, to 40,000 90,000 United Way, which sold it immediately Canned groceries held one month as inventory, to 10,000 17,000 Catholic Meals for the Poor Determine the amount of Aquamarine Corporation's...
During the current year, Sparrow Corporation, a calendar year C corporation, had operating income of $425,000, operating expenses of $280,000, a short-term capital loss of $10,000, and a long-term capital gain of $25,00 w much is Sparrow's income tax liability for the year? $32,700 $33,600 $45,650 $62,400 1. Dahlia Corp. was organized and commenced Operations in 1930. At December 1, 2020, Dahlia had accumulated earnings and profits of $9,000 before a dividend declaration and distribution, On Decemb 2 020, Dahlia...
Goose Corporation, a C corporation, incurs a net capital loss of $52,700 for 2019. It also has ordinary income of $42,160 in 2019. Goose had net capital gains of $10,540 in 2015 and $21,080 in 2018. If an amount is zero, enter "0". a. Determine the amount, if any, of the net capital loss of $52,700 that is deductible in 2019. b. Determine the amount, if any, of the net capital loss of $52,700 that is carried forward to 2020.
Question. In 2019, C Corporation: (i) had $100,000 income from operations, (ii) Received a $10,000 dividend from Y Corporation of which C owned less than 1%, and (iii) contributed $15,000 cash to a qualified charitable organization. In 2020, C Corporation: (i) had $100,000 of income from operations and sold its Y stock (which it had owned for 10 years) for a net capital gain of $20,000. What is C taxable income in 2020?
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