Josie Inc was a C Corporation from​ January1, 2016 through Deceber​ 31, 2019 . At December​ 31,2019 it had earnings​ & profits of​ $100,000. Josie Inc made an S Corporation election on January​ 1, 2020. During 2020​ , Josie Inc sold inventory to customers for ​ $ 2,000,000 and had interest income of​ $1,000,000 . Josie Inc incurred​ $100,000 of expenses related to earning the interest income and​ $800,000 of expenses related to its sale of inventory. What amount of excess net passive income tax does Josie Inc pay in​ 2020? A.​$47,250 B.​$21,000 C.​$189,000 D.​$52,500

Q: Enter the amount (if any) of each year's carryover utilized in 2020. Amount of Carryover Year…

A: (a) The table below shows the each year carryover utilized:

Q: Penguins Ltd had tax adjusted trading profits of £133,000 for the period ended 31 March 2021.…

A: Tax liability is the total income tax payable by the firm for the income generated during the year.…

Q: or both book and tax purposes) $2,000,000 Premiums paid on the key-person life insurance policies.…

A: Given: To calculate the given condition as,   As per rule, allowed to answer three subparts and post…

Q: cash balance of $60,000 in 2021. Based on this information what is Kaitlyn Corporation's ending…

A: Ending Retained Earnings balance= Beginning Retained Earnings balance+ Net Income for the year-…

Q: XYZ is a calendar-year corporation that began business on January 1, 2023. For the year, it reported…

A: a. Compute XYZ's taxable income:Taxable…

Q: c. Assume the original facts, except the land was valued at $152,000 instead of $126,000. What is…

A: Built in tax is a special federal tax imposed on an S corporation after conversion from a C corp. An…

Q: Winkin, Blinkin, and Nod are equal shareholders in SleepEZ, an S corporation. In the conditions…

A: Given : Total Income = $ 475000 January 1 to March 1 is $ 125000 March 2 to December 31 is $ 350000

Q: Candlewood LLC started business on July 1, and it adopted a calendar tax year. During the year,…

A: The startup costs actually result in the business being operational, which can: Subtract the…

Q: XYZ is a calendar-year corporation that began business on January 1, 2021. For the year, it reported…

A: Taxable income:The taxable income is the amount of income on which IRS imposes tax.Dividends…

Q: Net capital loss carry-over from 2019 is $30, Non capital loss carry-over from 2019 is $70 Required…

A: Pay as you earn system or tax deduction at source in some countries are the advance tax payment…

Q: In the 2022, Crimson, Inc., a calendar C corporation, has income from operations of $180,000 and…

A: Corporations: An entity owned by a group of people known as shareholders is referred to as a…

Q: Khobar Company started its business in February 2001 producing and selling mix of pharmaceutical…

A:

Q: Polska, Incorporated, is obligated to pay its creditors $20,400 during the year. What is the market…

A: To determine the market value of the shareholders' equity for Polska, Incorporated, we need to…

Q: In the first year of operations 2021, Samuel Inc. had a pre-tax accounting income of $4,050,000 and…

A: Step 1 When we find income for taxable purpose, it will be different form income under accounting…

Q: Timpanogos Incorporated is an accrual-method, calendar-year corporation. For 2023, it reported…

A: The process of comparing transactions and activity with supporting documentation is known as…

Q: XYZ is a calendar-year corporation that began business on January 1, 2020. For the year, it reported…

A: Description Book Income Cr(Dr) Book Adjustments Taxable Income  Cr(Dr)     (Dr) Cr   Revenue…

Q: 302,000. a. What is its built-in gains tax in 2022? b. Assume the original facts, except that if…

A: The built-in gains tax for an S corporation is determined by calculating and reporting it on Form…

Q: The Esposito Import Company had 1 million shares of common stock outstanding during 2021. Its income…

A: Earnings per share is the amount per share earned by the shareholders on each equity share. It is…

Q: Concord Inc. had accounting income of $159,600 in 2023. Included in the calculation of that amount…

A: A journal entry is a  narration of a  fiscal  sale in a company's account system. It documents the…

Q: Motown Memories Incorporated Statement of Operations at December 31, 2021 Net sales $ 50,000,000…

A: Part A: Current income tax expense or benefit for 2021 Income before income taxes $15,000,000…

Q: On 1 July 2017, Bright Star Ltd was incorporated. The accounting profit and other relevant…

A: Tax is paid on the income earned by the individual and company to the government that acts as…

Q: Candlewood LLC began its business on July 1, 2020; and it uses a calendar tax and an accounting…

A: a). Oraganizational expense  =5474 b)Startup expense = 2283

Q: Winkin, Blinkin, and Nod are equal shareholders in SleepEZ, an S corporation. In the conditions…

A: Daily Allocation and Specific Identification methods are used to calculate income allocation among…

Q: Concord Inc. had accounting income of $159,600 in 2023. Included in the calculation of that amount…

A: A journal entry is a  narration of a  fiscal  sale in a company's account system. It documents the…

Q: Candlewood LLC started business on September 1, and it adopted a calendar tax year. During the year,…

A: Step 1: Computation of Organizational Expenses. The first $5,000 of the total $9,500 incurred as…

Q: Chateau Corporation has reported pre-tax income of $250,000 on December 31, 2021, before considering…

A: Unearned revenue is the revenue which a business has not earned during period but the amount has…

Q: Winkin, Blinkin, and Nod are equal shareholders in SleepEZ, an S corporation. In the conditions…

A: There are no sales of sleepEZ stock during the year therefore no change in ownership and both…

Q: Saxon Company is a CCPC that began operations on January 1, 2019. It has adopted a December 31 year…

A: GRIP stands for general rate income pool which refers to the balance of the taxable income taxed at…