ZuoTi.Pro
Question

In 2017, B Corporation: (i) had $100,000 income from operations, (ii) Received a $10,000 dividend from...

In 2017, B Corporation: (i) had $100,000 income from operations, (ii) Received a $10,000 dividend from X Corporation of which B owned less than 1%, and (iii) contributed $15,000 cash to a qualified charitable organization. In 2018, B Corporation: (i) had $100,000 of income from operations and sold its X stock (which it had owned for 10 years) for a net capital gain of $20,000. What is B taxable income in 2018?

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Taxable Income for year 2018 :

a. Income from operation = $ 100000

b. Capita gains from sale of stock= $ 20000

Total taxable Income for year 2018 = $ 120000 (a+b)

0 0
Add a comment
Know the answer?
Add Answer to:
In 2017, B Corporation: (i) had $100,000 income from operations, (ii) Received a $10,000 dividend from...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • 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?

  • 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)...

  • ACC 511 Calculation of Corporate Taxable income - Hammil Corporation The Hammil Corporation reported the following...

    ACC 511 Calculation of Corporate Taxable income - Hammil Corporation The Hammil Corporation reported the following items of income and expense for the current year, 2019: Operating income $ 315,000 Dividend income (30%-owned corporation) 80,000 Long-term capital gains 55,000 Short-term capital gains 20,000 Charitable contributions of cash 30,000 $ Hammil Corporation also reported the following: Long-term capital loss C/F from 2018 NOL C/F from 2017 Charitable contribution C/F from 2016 Estimated federal income tax payments made during the current year...

  • Miller Corporation has gross income of​ $100,000, which includes​ $40,000 of dividends from a​ 10%-owned corporation. In...

    Miller Corporation has gross income of​ $100,000, which includes​ $40,000 of dividends from a​ 10%-owned corporation. In​ addition, Miller has​ $80,000 of expenses.​ Miller's taxable income or loss a. 20,000 b. 6,000 c. 0 d. (10,000)

  • In year2, Garland Corp. contributed $40,000 to a qualified charitable organization. Garland’s 2yr taxable income before...

    In year2, Garland Corp. contributed $40,000 to a qualified charitable organization. Garland’s 2yr taxable income before the deduction for charitable contributions was $410,000. Included in that amount is a $20,000 dividends-received deduction. Garland also had carryover contributions of $5,000 from the prior year. In 2012, what amount can Garland deduct as charitable contributions? A. $40,000 B. $45,000 C. $43,000 D. $41,000

  • Gopher Corporation reported taxable income of $500,000 this year. Gopher paid a dividend of $100,000 to...

    Gopher Corporation reported taxable income of $500,000 this year. Gopher paid a dividend of $100,000 to its sole shareholder, Sven Anderson. The dividend meets the requirements to be a qualified dividend, and Sven is subject to a tax rate of 15 percent on the dividend. What is the income tax imposed on the corporate income earned by Gopher and the income tax on the dividend distributed to Sven? Corporate tax Shareholder tax PS 15.000 Total income tax Gopher Corporation reported...

  • In 2019, Oak Inc. made a charitable donation of $100,000 to the American Red Cross (a...

    In 2019, Oak Inc. made a charitable donation of $100,000 to the American Red Cross (a qualifying charity). For the year, Oak reported taxable income of $550,000 which included a $100,000 charitable contribution deduction (before limitation), a $50,000 dividends received deduction and a $10,000 net operating loss carryover from year 2018. What is Oak Inc.’s charitable contribution deduction for 2019? Description Amount Taxable Income $550,000 Charitable Contribution Dividend Received Deduction NOL Carryover Revised Taxable Income Charitable Contribution % Limitation Charitable...

  • 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...

  • Lavender Corporation has taxable income of $100,000 in 2018. It pays corporate tax of $21,000 ($100,000...

    Lavender Corporation has taxable income of $100,000 in 2018. It pays corporate tax of $21,000 ($100,000 3 21%). This leaves $79,000, all of which Lavender pays as a dividend to Mike. Mike is a 43-year-old single individual with no income sources other than Lavender Corporation. Mike has taxable income of $67,000 ($79,000 2 $12,000 standard deduction). He pays tax at the preferential rate applicable to qualified dividends received by individuals. His tax is $4,257 [($38,600 3 0%) 1 ($100 3...

  • On January I, 2017, Dawson, Incorporated, paid $100,000 for a 30% interest in Sacco Corporation. This...

    On January I, 2017, Dawson, Incorporated, paid $100,000 for a 30% interest in Sacco Corporation. This investee had assets with a book value of $550,000 and liabilities of $300,000. A patent held by Sacco having a book value of $10,000 was actually worth $40,000 with a six-year remaining life. Any goodwill associated with this acquisition is considered to have an indefinite life. During 2017, Sacco reported net income of $50,000 and paid dividends of $20,000 while in 2018 it reported...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT