Homework Answers
The second option is correct that is $100,000.
$100,000 is an income recognised by demarcus which is related to DJ.
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Demarcus is a 50% partner in the DJ partnership. DJ has taxable income for the year...
of disposition LAR Partner A wishes to sell her interest in a partnership to a outside...
of disposition LAR Partner A wishes to sell her interest in a partnership to a outside date individual. Her adjusted basis at the an of dism is $15ooo. The partnership Property is valued as follows: Book! FMV Cash 0 Inventory 75,000 Land 12,000 Equipment 10,000 sale? (realized Not recognized) 1. What is the realized gain on the 2. what portion of the realized gain is ordinary income? * Partner A and 3 others hold equal shares. 48.000 36,000 100,000 80,000...
FMV. Partner A wishes to sell her interest in a partnership to an outside individual. Her...
FMV. Partner A wishes to sell her interest in a partnership to an outside individual. Her adjusted basis at the date of disposition is $15,000. The partnership property is valued as follows: Book! Cash Basis 48,000 48.000 AR 36,000 Inventory 75,000 100,000 Land 50,000 80,000 Equipment 10,000 12,000 1. What is the realized gain on the sale? 2. What portion of the realized gain is ordinary income?
A partner owns a 50-percent interest in a partnership. For the partnership tax year ended December...
A partner owns a 50-percent interest in a partnership. For the partnership tax year ended December 31, the partnership reports the following items of partnership income, gain, loss, deduction, and credit. Gross sales $400,000 Cost of goods sold 220,000 Wages 100,000 Net Section 1231 gain 50,000 Casualty loss 10,000 Interest 5,000 Depreciation 20,000 Business bad debt 5,000 Charitable contributions 5,000 Calculate the partner's distributive shares of (1) partnership ordinary income or loss and (2) separately stated items.
Manistee Corporation reported taxable income of $1,200,000 this year and paid federal income taxes of $408,000....
Manistee Corporation reported taxable income of $1,200,000 this year and paid federal income taxes of $408,000. Not included in the computation was disallowed entertainment expenses of $25,000, tax-exempt interest of $20,000, and a net capital loss of $50,000 incurred this year. Manistee is an accrual basis taxpayer. The corporation’s current earnings and profits this year would be: Multiple Choice $1,200,000 $1,145,000 $787,000 $737,000 Boulder Company reports current E&P of $500,000 this year and accumulated negative E&P at the beginning of...
Question 11 Money Corporation has the following income and expenses for the tax year: $200,000 700,000...
Question 11 Money Corporation has the following income and expenses for the tax year: $200,000 700,000 20,000 Gross profit on sales: Expenses: Dividends received from less-than-20%-owned domestic corporations: What is Money's net operating loss? $490,000 $494,000 $220,000 $520,000 Joker Corporation owns 80% of Klue Corporation. Joker Corporation also owns 45% of Lion Corporation and 45% of Mark Corporation. Klue Corporation owns 40% of Lion Corporation and 10% of Mark Corporation. Which corporations are members of a controlled group? Joker and...
1) ABC Partnership distributes $12,000 to partner Al. Al's distributive share of partnership income is $30,000....
1) ABC Partnership distributes $12,000 to partner Al. Al's distributive share of partnership income is $30,000. Al is taxed on $12,000. (true or false) 2) Yong contributes a machine having an adjusted basis of $20,000 and a FMV of $25,000 for a 10% partnership interest. Yong had taken $10,000 of depreciation prior to the contribution. The partnership has no liabilities. As a result of the contribution, Yong must recognize A) no gain or loss. B) $5,000 Sec. 1245 gain. C)...
For the year ended December 31, 2011, the partnership of Charles and Paul had book income...
For the year ended December 31, 2011, the partnership of Charles and Paul had book income of $75,000, which included the following: (a) Short-term capital loss, $3,100; (b) Long-term capital gain (on sale of securities), $4,300; (c) Section 1231 gain, $1,500; (d) Ordinary income (Section 1245 recapture), $600; and (e) Domestic dividends, $1,000. The partners share profits and losses equally. What is each partner’s share of partnership taxable income (excluding all partnership items which must be accounted for separately) to...
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)...
Part 1: Compare and contrast the corporate taxable income formula with the individual taxable income formula....
Part 1: Compare and contrast the corporate taxable income formula with the individual taxable income formula. Part 2: Z-Sisters Corporation has one class of voting common stock, of which 1,000 shares are issued and outstanding. The shares are owned as follows: Shares Lourdes Vick 400 Anita Vick (Lourdes’s daughter) 200 Liz Vick (Lourdes’s daughter) 200 Cat Labrillazo (unrelated) 200 Total 1000 Z-Sisters Corporation has current E&P of $300,000 for this year and accumulated E&P at January 1 of this year...
Ben and Jerry decide to incorporate their ice cream business. Allie would also like to be a shareholder in the bu...
Ben and Jerry decide to incorporate their ice cream business. Allie would also like to be a shareholder in the business. As such, Ben and Allie agree that immediately after the incorporation of the company and the issuance of stock, Ben will sell Allie half of his shares in the company. Ben contributes inventory (FMV $60,000, Basis $30,000), and accounts receivable (FMV $40,000, Basis $40,000) to the corporation for 50% of the stock, and Jerry contributes equipment (FMV $60,000, Basis...
of disposition LAR Partner A wishes to sell her interest in a partnership to a outside date individual. Her adjusted basis at the an of dism is $15ooo. The partnership Property is valued as follows: Book! FMV Cash 0 Inventory 75,000 Land 12,000 Equipment 10,000 sale? (realized Not recognized) 1. What is the realized gain on the 2. what portion of the realized gain is ordinary income? * Partner A and 3 others hold equal shares. 48.000 36,000 100,000 80,000...
FMV. Partner A wishes to sell her interest in a partnership to an outside individual. Her adjusted basis at the date of disposition is $15,000. The partnership property is valued as follows: Book! Cash Basis 48,000 48.000 AR 36,000 Inventory 75,000 100,000 Land 50,000 80,000 Equipment 10,000 12,000 1. What is the realized gain on the sale? 2. What portion of the realized gain is ordinary income?
Question 11 Money Corporation has the following income and expenses for the tax year: $200,000 700,000 20,000 Gross profit on sales: Expenses: Dividends received from less-than-20%-owned domestic corporations: What is Money's net operating loss? $490,000 $494,000 $220,000 $520,000 Joker Corporation owns 80% of Klue Corporation. Joker Corporation also owns 45% of Lion Corporation and 45% of Mark Corporation. Klue Corporation owns 40% of Lion Corporation and 10% of Mark Corporation. Which corporations are members of a controlled group? Joker and...
Ben and Jerry decide to incorporate their ice cream business. Allie would also like to be a shareholder in the business. As such, Ben and Allie agree that immediately after the incorporation of the company and the issuance of stock, Ben will sell Allie half of his shares in the company. Ben contributes inventory (FMV $60,000, Basis $30,000), and accounts receivable (FMV $40,000, Basis $40,000) to the corporation for 50% of the stock, and Jerry contributes equipment (FMV $60,000, Basis...
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