Deontay Corporation and Wilder Corporation, an affiliated group, reports the following results for the current year:...
Deontay Corporation and Wilder Corporation, an affiliated group, reports the following results for the current year:
|
Corporation |
Ordinary Income |
STCG/STCL |
LTCG/LTCL |
|
Deontay Wilder |
$15,000 20,000 |
$8,000 (9,000) |
($ 6,000) 12,000 |
What is the affiliated group's consolidated regular tax liability?
A) $4,000
B) $6,000
C) $6,500
D) $8,400
Homework Answers
Ans:
D.$8400
Taxable income = Ordinary income + Net STCL + NET LTCG
= (15,000+20,000) + (8,000-9,000) + (-6000+12,000)
= 40,000
Regular tax liability = Taxable income * tax rate
= 40,000 * 21%
= $8400
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