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please answer whether the following are true or false
6. A "C"corporation pays tax on long...
TRUE OR FALSE? 0. A "C" corporation pays tax on long term capital gain income at...
TRUE OR FALSE?
0. A "C" corporation pays tax on long term capital gain income at a lower rate than the tax on ordinary income. 7. "C"corporations must use the CASH method of accounting. 8 An individual charahaldar rannsinsvarlar dividend from a corneration's
please answer whether the following are true or false TRUE OR FALSE A TRUE B- FALSE...
please answer whether the following are true or false
TRUE OR FALSE A TRUE B- FALSE 1. Given two possible legal ways of doing a business transaction, one is legally obligated to do the deal in the way that results in the higher income tax. 2. The 100% owner of a Limited Liability Company is personally liable for all debts of the LLC 3. A "C" corporation is allowed an "ordinary and necessary" deduction for dividends paid to shareholders. 4....
ITS A REVIEW ( I JUST NEED SIMPLE ANSWERS TO STUDY A LITTLE) CHAPTER 2 ...
ITS A REVIEW ( I JUST NEED SIMPLE ANSWERS TO STUDY A LITTLE) CHAPTER 2 (1) Be familiar with the required Accounting Methods for Regular (C) Corporations. (2) Know the rules for Organizational Expenses (3) Know how to treat Capital Losses for Regular (C) Corporations (4) Know the purpose of the Dividends Received Deduction and how to compute it (5) Generally know which entities are Tax-Paying Entities and which are not. (6) Be able...
Please help solving (b) Manuel and Fernando own and operate an electronics store, Electronica, as an...
Please help solving (b)
Manuel and Fernando own and operate an electronics store, Electronica, as an S corporation. Manuel owns 70%, and Fernando owns 30%. For the current year, the store reports the following: Sales revenue $1,000,000 8,000 Long-term capital gains Business expenses (840,000) Charitable contributions Non-deductible expenses (9,000) (4,000) (15,000) $140,000 Short-term capital losses Operating income a. How must Electronica report its results to Manuel and Fernando for tax purposes? Manuel Fernando Taxable ordinary income $ $ Long-term capital...
ASSUME ALL CORPORATIONS ARE C CORPORATIONS During the first year of operation ending December 31, 2014,...
ASSUME ALL CORPORATIONS ARE C CORPORATIONS During the first year of operation ending December 31, 2014, the corporation incurred the following: Sales $200,000 Operating Expenses 150,000 (excludes charitable contribution deduction) Nontaxable income 3,000 Nondeductible expenses 4,000 Capital Gains 12,000 Capital losses 15,000 Charitable contributions $6,000 Also, the corporation distributed $9,000 to its shareholders ($3,000 to each shareholder). 1.calculate the amount of charitable contribution deduction? 2.calculate the taxable income of J and J for the year ending December 31, 2014. 3....
A calendar years corporation (withuot earnings and profits) incurred an ordinary loss of $20,000 for 2019....
A calendar years corporation (withuot earnings and profits) incurred an ordinary loss of $20,000 for 2019. Its sole calendar year shareholder had a stock basis of $10,000 and debt with a basis of $15.000 at the beginning of 2019. The 5 corporation had ordinary income of $15,000 for 2020 and distributed $9.000 to its shareholder during 2020. As a result, what is the shareholder's debt basis as of January 1, 2021? $0 $10,000 $11,000 $15,000 An 5 corporation may deduct:...
TRUE OR FALSE? 3. A "C" corporation is allowed an "ordinary and necessary deduction for dividends...
TRUE OR FALSE?
3. A "C" corporation is allowed an "ordinary and necessary deduction for dividends paid to shareholders. 4. In many situations, a "C" corporation receiving a dividend from another "C" corporation may deduct 50% of the dividends received from taxable income.
1. Corporation P files a consolidated return with Corporation S. In preparing a consolidated return, their ...
1. Corporation P files a consolidated return with Corporation S. In preparing a consolidated return, their accountant finds the following: P S Separate taxable income (loss) $500,000 ($200,000) Capital gain (loss) ($25,000) $50,000 Charitable contributions $20,000 $10,000 Dividend from S $10,000 What is the consolidated return taxable income? a. $365,000 b. $295,000 c. $280,000 d. $315,000 2. Jude received a $25,000 distribution from BC Corporation that the corporation identified as $15,000 dividend and $10,000 return of capital. What effect does...
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)...
C:3-38 Taxable Income Computation. Omega Corporation reports the following results for the current year: Gross profits...
C:3-38 Taxable Income Computation. Omega Corporation reports the following results for the current year: Gross profits on sales $120,000 Dividends from less-than-20%-owned domestic corporations 40,000 Operating expenses 100,000 Charitable contributions (cash) 11,000 a. What is Omega's charitable contributions deduction for the current year and its char! table contributions carryover to next year, if any? b. What is Omega's taxable income for the current year?
TRUE OR FALSE?
0. A "C" corporation pays tax on long term capital gain income at a lower rate than the tax on ordinary income. 7. "C"corporations must use the CASH method of accounting. 8 An individual charahaldar rannsinsvarlar dividend from a corneration's
please answer whether the following are true or false
TRUE OR FALSE A TRUE B- FALSE 1. Given two possible legal ways of doing a business transaction, one is legally obligated to do the deal in the way that results in the higher income tax. 2. The 100% owner of a Limited Liability Company is personally liable for all debts of the LLC 3. A "C" corporation is allowed an "ordinary and necessary" deduction for dividends paid to shareholders. 4....
Please help solving (b)
Manuel and Fernando own and operate an electronics store, Electronica, as an S corporation. Manuel owns 70%, and Fernando owns 30%. For the current year, the store reports the following: Sales revenue $1,000,000 8,000 Long-term capital gains Business expenses (840,000) Charitable contributions Non-deductible expenses (9,000) (4,000) (15,000) $140,000 Short-term capital losses Operating income a. How must Electronica report its results to Manuel and Fernando for tax purposes? Manuel Fernando Taxable ordinary income $ $ Long-term capital...
A calendar years corporation (withuot earnings and profits) incurred an ordinary loss of $20,000 for 2019. Its sole calendar year shareholder had a stock basis of $10,000 and debt with a basis of $15.000 at the beginning of 2019. The 5 corporation had ordinary income of $15,000 for 2020 and distributed $9.000 to its shareholder during 2020. As a result, what is the shareholder's debt basis as of January 1, 2021? $0 $10,000 $11,000 $15,000 An 5 corporation may deduct:...
TRUE OR FALSE?
3. A "C" corporation is allowed an "ordinary and necessary deduction for dividends paid to shareholders. 4. In many situations, a "C" corporation receiving a dividend from another "C" corporation may deduct 50% of the dividends received from taxable income.
C:3-38 Taxable Income Computation. Omega Corporation reports the following results for the current year: Gross profits on sales $120,000 Dividends from less-than-20%-owned domestic corporations 40,000 Operating expenses 100,000 Charitable contributions (cash) 11,000 a. What is Omega's charitable contributions deduction for the current year and its char! table contributions carryover to next year, if any? b. What is Omega's taxable income for the current year?
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