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This is the first year of operations for StanLeeMarvolo Corporation. The Company was extremely pr...
An entity reports the following income for the current year. Operations $92,000 Tax-exempt interest income 19,000...
An entity reports the following income for the current year. Operations $92,000 Tax-exempt interest income 19,000 Long-term capital gain 60,000 The entity holds earnings and profits (AAA for an Scorporation) of $900,000 at the beginning of the year. A distribution of $200,000 is made to the owners. a. Determine the income for each entity type below: (1) If the entity a C corporation then the taxable income is $ 152,000 (2) If the entity is an S-corporation then the ordinary...
At the start of the current year, Blue Corporation (a calendar year taxpayer) has accumulated E...
At the start of the current year, Blue Corporation (a calendar year taxpayer) has accumulated E & P of $100,000. Blue’s current E & P is $60,000, and at the end of the year, it distributes $200,000 ($100,000 each) to its equal shareholders, Pam and Jon. Pam’s stock basis is $11,000; Jon’s stock basis is $26,000. Complete the following table: Pam Jon Taxable dividend Return of capital Taxable gain
Alpaca Corporation had revenues of $270,000 in its first year of operations. The company has not...
Alpaca Corporation had revenues of $270,000 in its first year of operations. The company has not collected on $19,400 of its sales and still owes $26,100 on $100,000 of merchandise it purchased. The company had no inventory on hand at the end of the year. The company paid $11,000 in salaries. Owners invested $18,000 in the business and $18,000 was borrowed on a five-year note. The company paid $4,400 in interest that was the amount owed for the year, and...
Alpaca Corporation had revenues of $290,000 in its first year of operations. The company has not...
Alpaca Corporation had revenues of $290,000 in its first year of operations. The company has not collected on $19,200 of its sales and still owes $25,000 on $100,000 of merchandise it purchased. The company had no inventory on hand at the end of the year. The company paid $10,000 in salaries. Owners invested $14,000 in the business and $14,000 was borrowed on a five-year note. The company paid $2,900 in interest that was the amount owed for the year, and...
At the beginning of the year, Purple, Inc., an S corporation, had $100,000 in its AAA,...
At the beginning of the year, Purple, Inc., an S corporation, had $100,000 in its AAA, and $50,000 of earnings and profits from prior C corporation years. During the year, Purple earned $60,000 of ordinary income and paid $200,000 in distributions to its shareholders. Assume that White owns 25% of Purple, her basis in Purple at the beginning of the year is $30,000, and her share of the distribution was $50,000. How much, if any, of the distribution is taxable to White as...
Problem 13-9 (LO. 1, 3) At the start of the current year, Blue Corporation (a calendar...
Problem 13-9 (LO. 1, 3) At the start of the current year, Blue Corporation (a calendar year taxpayer) holds accumulated E & P of $100,000. Blue's current E & P is $60,000. At the end of the year, it distributes $200,000 ($100,000 each) to its equal shareholders, Pam and Jon. Their basis in the stock is $11,000 for Pam and $26,000 for Jon. How is the distribution treated for tax purposes? If an amount is zero, enter "O". Pam has...
Alpaca Corporation had revenues of $290,000 in its first year of operations. The company has not...
Alpaca Corporation had revenues of $290,000 in its first year of operations. The company has not collected on $19,200 of its sales and still owes $25,300 on $80,000 of merchandise it purchased. The company had no inventory on hand at the end of the year. The company paid $12,000 in salaries. Owners invested $20,000 in the business and $20,000 was borrowed on a five-year note. The company paid $3,700 in interest that was the amount owed for the year, and...
Alpaca Corporation had revenues of $290,000 in its first year of operations. The company has not...
Alpaca Corporation had revenues of $290,000 in its first year of operations. The company has not collected on $19,200 of its sales and still owes $25,300 on $80,000 of merchandise it purchased. The company had no inventory on hand at the end of the year. The company paid $12,000 in salaries. Owners invested $20,000 in the business and $20,000 was borrowed on a five-year note. The company paid $3,700 in interest that was the amount owed for the year, and...
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...
Black Corporation and Tom each own 50% of Tan Corporation’s common stock. On January 1, Tan...
Black Corporation and Tom each own 50% of Tan Corporation’s common stock. On January 1, Tan has a deficit in accumulated E & P of $200,000. Its current E & P is $90,000. During the year, Tan makes cash distributions of $40,000 each to Black and Tom. Black's stock basis before the distribution is $30,000 and Tan's stock basis is $7,000. How are the two shareholders taxed on the distribution and what is the beginning accumulated E&P at the start...
An entity reports the following income for the current year. Operations $92,000 Tax-exempt interest income 19,000 Long-term capital gain 60,000 The entity holds earnings and profits (AAA for an Scorporation) of $900,000 at the beginning of the year. A distribution of $200,000 is made to the owners. a. Determine the income for each entity type below: (1) If the entity a C corporation then the taxable income is $ 152,000 (2) If the entity is an S-corporation then the ordinary...
Alpaca Corporation had revenues of $270,000 in its first year of operations. The company has not collected on $19,400 of its sales and still owes $26,100 on $100,000 of merchandise it purchased. The company had no inventory on hand at the end of the year. The company paid $11,000 in salaries. Owners invested $18,000 in the business and $18,000 was borrowed on a five-year note. The company paid $4,400 in interest that was the amount owed for the year, and...
Problem 13-9 (LO. 1, 3) At the start of the current year, Blue Corporation (a calendar year taxpayer) holds accumulated E & P of $100,000. Blue's current E & P is $60,000. At the end of the year, it distributes $200,000 ($100,000 each) to its equal shareholders, Pam and Jon. Their basis in the stock is $11,000 for Pam and $26,000 for Jon. How is the distribution treated for tax purposes? If an amount is zero, enter "O". Pam has...
Alpaca Corporation had revenues of $290,000 in its first year of operations. The company has not collected on $19,200 of its sales and still owes $25,300 on $80,000 of merchandise it purchased. The company had no inventory on hand at the end of the year. The company paid $12,000 in salaries. Owners invested $20,000 in the business and $20,000 was borrowed on a five-year note. The company paid $3,700 in interest that was the amount owed for the year, and...
Alpaca Corporation had revenues of $290,000 in its first year of operations. The company has not collected on $19,200 of its sales and still owes $25,300 on $80,000 of merchandise it purchased. The company had no inventory on hand at the end of the year. The company paid $12,000 in salaries. Owners invested $20,000 in the business and $20,000 was borrowed on a five-year note. The company paid $3,700 in interest that was the amount owed for the year, and...
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