ZuoTi.Pro
Question

For the year of 2020, Delana Corporation, a calendar year corporation, had the following Income and...

For the year of 2020, Delana Corporation, a calendar year corporation, had the following Income and Expenses: Gross Income (Revenues) From Operations - $600,000; Expenses From Operations - $720,000; Dividends Received (Less than twenty percent (20%) owned domestic corporation) - $180,000. Delana Corporation's Dividend Received Deduction for the year of 2020 will be:

$180,000.

$ 90,000.

$ 60,000.

$ 30,000.
business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Answer is -> Option B -----> $ 90000 Computation of Taxable Income Amount($) Particulars Revenue from operations Expenses Div

Comment below if you have any query i will solve it asap !! thanks

0 0
Add a comment
Know the answer?
Add Answer to:
For the year of 2020, Delana Corporation, a calendar year corporation, had the following Income and...
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

  • Kaspar and Ludger, two unrelated calendar year corporations, have the following transactions for 2019: Kaspar Corporation...

    Kaspar and Ludger, two unrelated calendar year corporations, have the following transactions for 2019: Kaspar Corporation Ludger Corporation Gross income from operations $180,000 $300,000 Expenses from operations $255,000 $310,000 Dividends received from domestic corporations (15% ownership) $100,000 $230,000 Taxable income before the dividends received deduction $25,000 $220,000 Determine the dividends received deduction for both companies.

  • Crane and Loon corporations, two unrelated calendar year C corporations, have the following transactions for the...

    Crane and Loon corporations, two unrelated calendar year C corporations, have the following transactions for the current year: Crane Loon Gross income from operations $180,000 $300,000 Expenses from operations 255,000 310,000 Dividends received from domestic corporations (15% ownership) 100,000 230,000 a. Compute the dividends received deduction for Crane Corporation. b. Compute the dividends received deduction for Loon Corporation.

  • In 2019, Nighthawk Corporation, a calendar year C corporation, has $5,620,000 of adjusted taxable income and...

    In 2019, Nighthawk Corporation, a calendar year C corporation, has $5,620,000 of adjusted taxable income and $168,600 of business interest income. Nighthawk has no floor plan financing interest. The business interest expense for the year is $2,248,000. a. Assume that Nighthawk has average gross receipts for the prior three-year period of $35,200,000. Determine Nighthawk's current-year deduction for business interest. $ b. Assume that Nighthawk has average gross receipts for the prior three-year period of $19,500,000. Determine Nighthawk's current-year deduction for...

  • During the current year, Cowboy Corporation (a calendar year C corporation) has the following tra...

    During the current year, Cowboy Corporation (a calendar year C corporation) has the following transactions: 7. Income from operations Expenses from operations Dividends received from Roadway Corporation $260,000 305,000 215,000 a. Cowboy owns 5% of Roadway Corporation's stock. How much is Cowboy Corporation's taxable income (loss) for the year? b. Would your answer change ifCowboy owned 25% of Roadway Corporation's stock? During the current year, Cowboy Corporation (a calendar year C corporation) has the following transactions: 7. Income from operations...

  • 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...

  • Problem 11-5 (Algorithmic) Special Deductions and Limitations (LO 11.3) Fisafolia Corporation has gross income from operations...

    Problem 11-5 (Algorithmic) Special Deductions and Limitations (LO 11.3) Fisafolia Corporation has gross income from operations of $423,000 and operating expenses of $359,550 for 2018. The corporation also has $42,300 in dividends from publicly traded domestic corporations in which the ownership percentage was 45%. Below is the Dividends Received Deduction table to use for this problem. Percent Ownership 2018 Dividends Received Percentage Less than 20 percent 50% 20 percent or more, but less   than 80 percent 65% 80 percent or...

  • 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...

  • calculator Kingbird Corporation (a calendar year corporation reports the following income and expenses this year: Income...

    calculator Kingbird Corporation (a calendar year corporation reports the following income and expenses this year: Income from soutations Expenses from operations Dividends received 15% ownership $200.000 140,000 15.000 On October 1. Kingbird Corporation made a contribution to qualified charitable organization of $9.000 in cath (not included in any of the above items). Determine Kingbird's charitable contribution deduction a $7,500 b. $6,750 $9,000 d. $6.525 ee. None of these choices are correct

  • Problem 19-33 Cardinal Corporation, a calendar year taxpayer, receives dividend income of $250,000 from a corporation...

    Problem 19-33 Cardinal Corporation, a calendar year taxpayer, receives dividend income of $250,000 from a corporation in which it holds a 10% interest. Cardinal also receives interest income of $35,000 from municipal bonds. (The municipality used the proceeds from the bond issue to construct a library.) Cardinal borrowed funds to purchase the municipal bonds and pays $20,000 of interest on the loan. Excluding these three items, Cardinal's taxable income is $500,000. Cardinal has $150,000 of accumulated E & P at...

  • Citron Company is a wholesale distributor of children's clothing. During the year, it donates clo...

    Citron Company is a wholesale distributor of children's clothing. During the year, it donates clothes (cost of $60,000; retail value of $100,000) to Clothes for Needy (a qualified charitable organization). Disregarding percentage limitations, Citron's charitable contribution deduction is: a.$80,000 if Citron is an individual. b.$100,000 if Citron is a C corporation. c.$60,000 if Citron is a C corporation. d.$80,000 if Citron is a C corporation. e.None of these choices are correct. Skinner Corporation, a calendar year C corporation, had the...

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