Homework Answers
43) Foreign corporations. Foreign corporations usually join a consolidated tax return without special election.
44) The answer is 75% of both Prisha's and Riya's income will be included in consolidated return. Answer is D.
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43. Which of the following corporations is entitled to join in a consolidated tax return without making a special e...
44. Prisha and Ryia Corporations have filed consolidated tax returns for several calendar years. At the...
44. Prisha and Ryia Corporations have filed consolidated tax returns for several calendar years. At the close of business on September 30, Prisha Corporation sells all of the Riya Corporation stock. What portion of Prisha's and Riya's income for the current year will be included in the consolidated return, assuming its income is earned evenly throughout the year and all months have 30 days? A) Prisha Riya 100% 100% B) Prisha Riya 75% 100% C) Prisha Riya 100% 75% D)...
42. Halperin Corporation owns stock of Leon Corporation. For Halperin and Leon to qualify for the...
42. Halperin Corporation owns stock of Leon Corporation. For Halperin and Leon to qualify for the filing of consolidated returns, at least what percentage of Halperin's total voting power and total value of stock must be directly owned by Leon? A) Total voting Total Value of power stock 51% 51% B) Total voting Total Value of power stock 51% 80% C) Total voting Total Value of power stock 80% 80% Total voting power 80% Total Value of stock 51% 43....
42. Halperin Corporation owns stock of Leon Corporation. For Halperin and Leon to qualify for the filing of consolid...
42. Halperin Corporation owns stock of Leon Corporation. For Halperin and Leon to qualify for the filing of consolidated returms, at least what percentage of Halperin's total voting power and total value of stock must be directly owned by Leon? A) Total voting power 51% Total Value of stock S1% B) Total voting Total Value of power 51% stock 80% C) Total voting Total Value of stock power 80% 80% D) Total voting Total Value of stock 51% power S0%...
Thanks for your HELP!!! 43. Which of the following corporations is entitled to join in a...
Thanks for your HELP!!! 43. Which of the following corporations is entitled to join in a consolidated tax return without making a special election? A) corporations exempt from tax under Sec. 501 B) real estate investment trusts C) foreign corporations D) closely held corporations 45. Which of the following events is an intercompany transaction? A) a capital contribution B) a parent corporation's sale of stock of a subsidiary corporation to a nonmember of the group C) dividend payment received from...
a) What are the requirements for corporations to file a consolidated tax return? b) What if...
a) What are the requirements for corporations to file a consolidated tax return? b) What if any benefits are there to filing a consolidated ta return? c) Can a non-US corporation join in the filing of a consolidated tax return? d) How do you determine if a corporation has goodwill for tax purposes? e) Assume a corporation records goodwill of $18,000,000 in the current year for an acquisition made on June 30. How much if any of the goodwill is...
1, what are the requirements for corporations to file a consolidated tax return? 2, what if...
1, what are the requirements for corporations to file a consolidated tax return? 2, what if any benefits are there to filling a consolidated tax return? 3, can a non U.S. corporation join in the filing of a consolidated tax return? 4, how do you determine if a corporation has goodwill for tax purposes? 5 assume corporation records goodwill of $18,000,000 in the current year for an acquisition made on June 30. How much if any of the goodwill is...
5. Ramon, a single taxpayer, has adjusted gross income for 2012 of $ 98,000 and his...
5. Ramon, a single taxpayer, has adjusted gross income for 2012 of $ 98,000 and his itemized deductions total $ 19,000. What taxable income will Ramon show in 2012? a. $ 73,550 b. $ 75,200 c. $ 92,550 d. $ 89,050 e. $ 70,050 6. Margaret and her sister support their mother and together provide 85 percent of their mother’s support. If Margaret provides 40% of her mother’s support: a. Her sister is the only one who can claim their...
It is based on the multiple-choice question pasted below. Use the current 21 percent tax rate....
It is based on the multiple-choice question pasted below. Use the current 21 percent tax rate. (28) in the current year, Acom, Inc., had the following items of income and expense! Sales $500,000 Cost of sales 250,000 Dividends received 25,000 The dividends were received from a corporation of which Acom owns 30%. In Acom's current yoar income tax rotum, what amount should be reported as income before special deductions? A. $525.000 B. $508,750 C. $275,000 D. $250.000 The correct answer...
Comprehensive Income Tax Course: Module 1 4. Randy turned 16 last year and had his first...
Comprehensive Income Tax Course: Module 1 4. Randy turned 16 last year and had his first summer job. Even though his parents are claiming him as a dependent he wants to file a return in order to get his refund. He receives his W-2 and decides he can do his own return using form 1040-EZ. Which of the following information is not found on a Form W-2? a) The taxpayer’s Social Security number b) The taxpayer’s wages, tips and other...
42. Halperin Corporation owns stock of Leon Corporation. For Halperin and Leon to qualify for the filing of consolidated returns, at least what percentage of Halperin's total voting power and total value of stock must be directly owned by Leon? A) Total voting Total Value of power stock 51% 51% B) Total voting Total Value of power stock 51% 80% C) Total voting Total Value of power stock 80% 80% Total voting power 80% Total Value of stock 51% 43....
42. Halperin Corporation owns stock of Leon Corporation. For Halperin and Leon to qualify for the filing of consolidated returms, at least what percentage of Halperin's total voting power and total value of stock must be directly owned by Leon? A) Total voting power 51% Total Value of stock S1% B) Total voting Total Value of power 51% stock 80% C) Total voting Total Value of stock power 80% 80% D) Total voting Total Value of stock 51% power S0%...
It is based on the multiple-choice question pasted below. Use the current 21 percent tax rate. (28) in the current year, Acom, Inc., had the following items of income and expense! Sales $500,000 Cost of sales 250,000 Dividends received 25,000 The dividends were received from a corporation of which Acom owns 30%. In Acom's current yoar income tax rotum, what amount should be reported as income before special deductions? A. $525.000 B. $508,750 C. $275,000 D. $250.000 The correct answer...
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