68. On January 1, 2023, Janna has a tax basis of $15,000 in her Mimikaki stock (Mimikaki has been an S corporation sinceinception). In 2023, Janna was allocated $20,000 of ordinary income from Mimikaki. What are the amount and character of gainshe recognizes from end-of-the-year distributions in each of the following alternative scenarios, and what is her stock basisfollowing each distribution?a) Mimikaki distributes $10,000 to Janna.b) Mimikaki distributes $20,000 to Janna.c) Mimikaki distributes $30,000 to Janna.d) Mimikaki distributes $40,000 to Janna.

We should first make the stock basis adjustments clear. Given that Janna owns a S corporation, the…

Answered: 68. On January 1, 2023, Janna has a tax…

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter6: Deductions And Losses: In General

Section: Chapter Questions

Problem 53P

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Similar questions

During 2019, Inez (a single taxpayer) had the following transactions involving capital assets: a. If Inez has taxable income of 158,000, how much income tax results? b. If Inez has taxable income of 35,000, how much income tax results?
B Corporation, a calendar year-end, accrual basis taxpayer, is owned 75 percent by Bonnie, a cash basis taxpayer. On December 31,2019, the corporation accrues interest of $4,000 on a loan from Bonnie and also accrues a $15,000 bonus to Bonnie. The bonus is paid to Bonnie on February 1,2020; the interest is not paid until 2021 . How much can B Corporation deduct on its 2019 tax return for these two expenses? $0 $4,000 $15,000 $19,000 $12,000
Janna had a tax basis of $19,000 in her Mimikaki stock (Mimikaki has been an S corporation since inception). In 2018, Janna was allocated $24,000 of ordinary income from Mimikaki. What is the amount and character of gain she recognizes from end of the year distributions in each of the following alternative scenarios, and what is her stock basis following each distribution? (Leave no answer blank. Enter zero if applicable.) a. Mimikaki distributes $12,000 to Janna. b. Mimikaki distributes $24,000 to Janna. c. Mimikaki distributes $36,000 to Janna. d. Mimikaki distributes $48,000 to Janna.
Please Provide Explanation And correct answer
dividend is 4800?
Sagar
Karen purchased 100 shares of X-Corporation Stock in 2020. X-Corporation is registered and headquartered in Colorado and is listed on the New York Stock Exchange. In 2021, X-Corporation declares and pays a dividend of $4.00 per share. What are the tax consequences for Karen? Group of answer choices a)Karen has received an eligible dividend that will be taxed at a rate of 15-20%. b)Karen has received an eligible dividend that will be excluded from her gross income. c)Karen has received a non-eligible dividend that will be taxed at the ordinary progressive rates. d) Karen has received a non-eligible dividend that will be excluded from gross income.
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Lara, a single individual, has $133,000 taxable income. Assume the taxable year is 2022. Use Individual Tax Rate Schedules. Required: Compute Income tax assuming that: a. Taxable income includes no capital gain. b. Taxable income includes $30,200 capital gain eligible for the 15 percent preferential rate. Note: For all requirements, round your intermediate calculations and final answers to the nearest whole dollar amount. Case Answer is not complete. a. Includes no capital gain b. Includes capital gain Income Tax 25,941
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