Question

Question 472 pts

X Co. had the following income and expenses:

Gross income from operations                                 $400,000
Expenses from operations                                           $410,000
Dividends received from a domestic corporation (13%) owned by X Co.)                    $30,000
Capital loss carryback                                                    $17,500

X Co.'s dividends received deduction is

Group of answer choices

None of these.

$19,500

$15,000

$10,000

 

Flag question: Question 48

Question 482 pts

X Co. had the following income and expenses:

Gross income from operations                                 $200,000
Expenses from operations                                           $150,000
Dividends received from a domestic corporation (5%) owned by X Co.)                    $30,000
Capital loss carryback                                                    $35,000
Net operating loss carryforward                             $6,000

X Co.'s dividends received deduction is

Group of answer choices

$1,500

$15,000

$19,500

None of these.

 

Flag question: Question 49

Question 492 pts

X Co. had the following income and expenses:

Gross income from operations                                 $800,000
Expenses from operations                                           $950,000
Dividends received from a domestic corporation (28%) owned by X Co.)                    $300,000
Capital loss carryback                                                    $25,000

X Co.'s dividends received deduction is

Group of answer choices

$195,000

0

$97,500

None of these.

 

Flag question: Question 50

Question 502 pts

Which statement is false with regard to the complete liquidation of a calendar year subsidiary which is 85% owned by its parent, and liquidated pursuant to a parent/subsidiary liquidation?

Group of answer choices

A formal plan of liquidation must be adopted if the shareholders adopt a resolution authorizing the liquidation on 3/9/x3, and the liquidating distributions occur on 7/3/x3 and 10/16/x4.

The subsidiary recognizes gain on its distributions to the minority shareholders, but not loss.

More than one of these statements is false.

The minority shareholder recognize gain or loss.

No gain or loss is recognized by the parent corporation, and it has a FMV basis in the assets received.