certain mutual funds pay"exempt interest dividends"if the mutual fund has at least what percentage of its...
Homework Answers
Option C 50% is the correct answer.
Exempt interest dividends will not be taxed at the federal or state level.
For California tax purposes, the mutual fund should invest at least 50% of its funds in tax-exempt U.S obligations and or in California or is municipal obligations.
The dividends from such funds are known as Exempt interest dividends.
FTB publication 1001 Page 5 gives the information required.
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certain mutual funds pay"exempt interest dividends"if the mutual
fund has at least what percentage of its...
A tax pair was issued a form 1099-INT with $800 in box 8 (tax- exempt interest)....
A tax pair was issued a form 1099-INT with $800 in box 8 (tax- exempt interest). The funds assets are invested in 30% California municipal bonds and 70% other state municipal bonds. What amount is taxable to California? * a taxpayer (not tax pair).
When a mutual fund company charges a fee of 0.49% on its index funds
When a mutual fund company charges a fee of 0.49% on its index funds, its assets in the fund are $30 billion. When it charges a fee of 0.13%, its assets in the fund are $269 billion. (a) Let x denote the fee that the company charges as a percentage of the index fund and let A(x) denote its assets in the fund. Express A(x) as a linear function of x. (b) One company lowers its fees on various index funds from...
Elmer received the following distributions from Virginiana Mutual Fund for the calendar year 2018: Ordinary dividends...
Elmer received the following distributions from Virginiana Mutual Fund for the calendar year 2018: Ordinary dividends $250 Capital gain distributions $170 Nontaxable distributions $80 Elsie, Elmer's wife, did not own any of the Virginiana Mutual Fund shares, but she did receive $1,475 in interest on a savings account at the Moss National Bank and $175 in interest on California Municipal Bonds. Elmer and Elsie filed a joint income tax return for 2018. What amount is reportable as taxable interest income?...
interest to bond holders and $6.00 million to preferred stockholders in dividends. Use Table 17-4. Time...
interest to bond holders and $6.00 million to preferred stockholders in dividends. Use Table 17-4. Time Watch Co. has $60 million in earnings and is considering paying $7.00 million What are the bondholders contractual claims to payment? (Do not round intermediate calculations. Enter your answer in millions rounded to 2 decimal places (e.g., $1.23 million should be entered as "1.23").) Legal contractual claim million Table 17-4 Features of alternative security Issues Common Stock Preferred Stock Bonds 1.Ownership Belongs to common...
Jennifer is interested in the mutual fund RBC U.S. Index Fund – Series A. She has...
Jennifer is interested in the mutual fund RBC U.S.
Index Fund – Series A. She has a few questions for
you before she buys this investment.
a) Does the reported fund’s return include the Management
Expense Ratio (MER) ? Yes or No
b) What type of fee is charged: No-load, Front-end load or a
Back-end load?
c) Is the status of this mutual fund classified as a closed-end
or open-end mutual fund?
d) Based on your response in c), explain...
21. Taxable interest received by the taxpayer is reported on which of the following forms? A. Form 1040 (secon...
21. Taxable interest received by the taxpayer is reported on which of the following forms? A. Form 1040 (second page) and Schedule A. B. Form 1040 (second page) and Schedule B. C. Form 1040 (second page) and Schedule D. 22. Which one of the following statements describes dividends? A. Dividends on insurance policies are generally taxable. B. Exempt-interest dividends received from a mutual fund are included in gross income, but at a favorable tax rate. C. Nontaxable dividends reduce the...
Construct Financial Statements Thomas Green, of Laramie, Wyoming, has been a retail salesclerk for six years....
Construct Financial Statements Thomas Green, of Laramie, Wyoming, has been a retail salesclerk for six years. At age 35, he is divorced with one child, Amanda, age 7. Thomas' salary is $46,000 per year. He regularly receives $500 per month for child support from Amanda's mother. Thomas invests $100 each month ($50 in his mutual fund and $50 in U.S. savings bonds). ASSETS Amount Vested retirement benefits (no employee contribution) $ 6,000 Money market account (includes $150 of interest earned...
Company Z has $90,000 of taxable income from its operations, $5,000 of interest income, and $30,000...
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Kahn Inc. has a target capital structure of 50% common equity and 50% debt to fund...
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Kahn Inc. has a target capital structure of 50% common equity and 50% debt to fund...
Kahn Inc. has a target capital structure of 50% common equity and 50% debt to fund its $8 billion in operating assets. Furthermore, Kahn Inc. has a WACC of 12%, a before-tax cost of debt of 8%, and a tax rate of 25%. The company's retained earnings are adequate to provide the common equity portion of its capital budget. Its expected dividend next year (D1) is $2, and the current stock price is $26. a. What is the company's expected...
interest to bond holders and $6.00 million to preferred stockholders in dividends. Use Table 17-4. Time Watch Co. has $60 million in earnings and is considering paying $7.00 million What are the bondholders contractual claims to payment? (Do not round intermediate calculations. Enter your answer in millions rounded to 2 decimal places (e.g., $1.23 million should be entered as "1.23").) Legal contractual claim million Table 17-4 Features of alternative security Issues Common Stock Preferred Stock Bonds 1.Ownership Belongs to common...
Jennifer is interested in the mutual fund RBC U.S.
Index Fund – Series A. She has a few questions for
you before she buys this investment.
a) Does the reported fund’s return include the Management
Expense Ratio (MER) ? Yes or No
b) What type of fee is charged: No-load, Front-end load or a
Back-end load?
c) Is the status of this mutual fund classified as a closed-end
or open-end mutual fund?
d) Based on your response in c), explain...
Kahn Inc. has a target capital structure of 50% common equity and 50% debt to fund its $8 billion in operating assets. Furthermore, Kahn Inc. has a WACC of 12%, a before-tax cost of debt of 8%, and a tax rate of 25%. The company's retained earnings are adequate to provide the common equity portion of its capital budget. Its expected dividend next year (D1) is $2, and the current stock price is $26. a. What is the company's expected...
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