Miller Corporation has gross income of $100,000, which includes $40,000 of dividends from a 10%-owned corporation. In...
Miller Corporation has gross income of $100,000, which includes $40,000 of dividends from a 10%-owned corporation. In addition, Miller has $80,000 of expenses. Miller's taxable income or loss
a. 20,000
b. 6,000
c. 0
d. (10,000)
Homework Answers
(c) 0
As the company holds 10% in the corporation, it is eligible for 70% dividend reduction. But the dividend reduction can not create any operating loss for the company. Millers taxable income is calculated as follows:-
Other Income= 60,000 $
Plus :- Dividend= 40,000 $
Gross Income= 100,000 $
Less:- Expenses= 80,000 $
Taxable income before DRD= 20,000 $
Minus:- DRD (70% of 40,000= 28,000) limited to= 20,000 $
Taxable Income= 0 $
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31. Corona Corporation has the following income and expense items for the year: Gross receipts from...
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