Parent and Subsidiary Corporations form an affiliated group. In 2018, the initial year of operation, Parent...
Parent and Subsidiary Corporations form an affiliated group. In 2018, the initial year of operation, Parent and Subsidiary filed separate returns. In 2019, the group files a consolidated tax return. The results for 2018 and 2019 are:
Taxable Income
|
2018 |
2019 |
|
|
Parent |
($10,000) |
$50,000 |
|
Subsidiary |
30,000 |
(25,000) |
How much of Subsidiary's loss can be carried back to last year?
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Parent and Subsidiary Corporations form an affiliated group. In
2018, the initial year of operation, Parent...
50. Parent and Subsidiary Corporations form an affiliated group. Last year, the initial year of operation, Parent and Su...
50. Parent and Subsidiary Corporations form an affiliated group. Last year, the initial year of operation, Parent and Subsidiary filed separate returns. This year the group files a consolidated return. Taxable Income Last Current Parent ($15,000) $25,000 Subsidiary 12,000 (27,000) How much of the Subsidiary loss can be carried back to last year? A) $0 B) $1,000 C) $2,000 D) none of the above
Thanks for your HELP! 50. Parent and Subsidiary Corporations form an affiliated group. Last year, the initial year of op...
Thanks for your HELP! 50. Parent and Subsidiary Corporations form an affiliated group. Last year, the initial year of operation, Parent and Subsidiary filed separate returns. This year the group files a consolidated return. Taxable Income Last Current Parent ($15,000) $25,000 Subsidiary 12,000 (27,000) How much of the Subsidiary loss can be carried back to last year? A) $0 B) $1,000 C) $2,000 D) none of the above
Kahlil Corporation (Parent) and Mack Corporation (Subsidiary) form an affiliated group. Last year, the initial year...
Kahlil Corporation (Parent) and Mack Corporation (Subsidiary) form an affiliated group. Last year, the initial year of operation, Kahlil and Mack filed separate returns. This year the group files a consolidated return. Taxable Income Last Current Kahlil (P) ($15,000) $25,000 Mack (Sub.) 12,000 (27,000) How much of the Mack’s (Subsidiary) loss can be carried back to last year? A) $0 B) $1,000 C) $2,000 D) none of the above
48. Bonnie and Clyde Corporations have filed consolidated returns for several calendar years. Bonnie acquires land...
48. Bonnie and Clyde Corporations have filed consolidated returns for several calendar years. Bonnie acquires land for $75,000 on January 1 of last year. On August 1 of this year, Bonnie sells the land to Clyde for $100,000. The basis and holding period for the land acquired by Clyde are: A) Basis $75,000 Holding Period Begins On January 2 of last year B) Basis $100,000 Holding Period Begins On January 2 of last year C) On Holding Period Begins Basis...
Boulder corporation owns all of the stock of PebbleCo, so they constitute a federal affiliated group...
Boulder corporation owns all of the stock of PebbleCo, so they constitute a federal affiliated group and a parent-subsidiary controlled group. By completing the following chart, delineate for boulder’s tax department some of the effects of an election to file federal consolidated income tax returns. Situation If the group files a consolidated return If separate income tax returns continue to be filed A PebbleCo pays a $1 million cash dividend to Boulder B Taxable income for both group members this...
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1. ParentCo and SubCo report the following items of income and deduction for the current year....
1. ParentCo and SubCo report the following items of income and deduction for the current year. ParentCo's SubCo's Taxable Item Taxable Income Income Income (loss) from operations $100,000 ($10,000) § 1231 loss (5,000) Capital gain 15,000 Charitable contribution 12,000 Compute ParentCo and SubCo's consolidated taxable income or loss. a.$90,000 b.$81,000 c.$88,000 d.$90,500 2. A Federal consolidated group reported the following taxable income amounts. Parent owns all of the stock of both Junior and Minor. Determine the net operating loss (NOL)...
17. A parent company consolidates its 80%-owned subsidiary. It is now December 31, 2021. The following...
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1. Corporation P files a consolidated return with Corporation S. In preparing a consolidated return, their ...
1. Corporation P files a consolidated return with Corporation S. In preparing a consolidated return, their accountant finds the following: P S Separate taxable income (loss) $500,000 ($200,000) Capital gain (loss) ($25,000) $50,000 Charitable contributions $20,000 $10,000 Dividend from S $10,000 What is the consolidated return taxable income? a. $365,000 b. $295,000 c. $280,000 d. $315,000 2. Jude received a $25,000 distribution from BC Corporation that the corporation identified as $15,000 dividend and $10,000 return of capital. What effect does...
48. Bonnie and Clyde Corporations have filed consolidated returns for several calendar years. Bonnie acquires land for $75,000 on January 1 of last year. On August 1 of this year, Bonnie sells the land to Clyde for $100,000. The basis and holding period for the land acquired by Clyde are: A) Basis $75,000 Holding Period Begins On January 2 of last year B) Basis $100,000 Holding Period Begins On January 2 of last year C) On Holding Period Begins Basis...
17. A parent company consolidates its 80%-owned subsidiary. It is now December 31, 2021. The following information is available: • The subsidiary's reported net income for 2021 is $30,000. • The subsidiary sells merchandise to the parent at a markup of 15% on cost. The parent's 2021 ending inventory balance contains $1,725 in merchandise purchased from the subsidiary. The parent's 2021 beginning inventory contains $2,300 in merchandise purchased from the subsidiary. Total sales price of merchandise transferred between the subsidiary...
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