Accounting calculate taxable income LL began a consulting business on 1/1/2016. Her business isorganized as a C (regular corporation) called L & L, Inc. Lucyowns 100% of the company's stock. Income and expenseinformation for 2016:Revenue 1,020,000Operating Expenses - 870,000-Qualified Dividend paid to Lucy during the year 100,000Lucy did not receive any salary from the business.Lucy and Jason (married filing joint return, no children) Jasonsalary - 142,000Total itemized deduction for a couple - 28,000Calculate the taxable income and the income tax for thecorporation and for Lucy and Jason.

1. First, let's calculate L & L, Inc.'s corporate taxable income:Revenue: $1,020,000Less:…

Answered: LL began a consulting business on…

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter18: The Federal Gift And Estate Taxes

Section: Chapter Questions

Problem 46P

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During 2019, John was the chief executive officer and a share- holder of Maze, Inc. He owned 60% of the outstanding stock of Maze. In 2016, John and Maze, as co-borrowers, obtained a 100,000 loan from United National Bank. This loan was secured by Johns personal residence. Although Maze was listed as a co-borrower, John repaid the loan in full in 2019. On Mazes Form 1120 tax returns, no loans from shareholders were reported. Discuss whether John is entitled to a bad debt deduction for the amount of the payment on the loan. Partial list of research aids: U S. v. Genere, 405 U.S. 93 (1972). Date H. Sundby, T.C.Memo. 2003-204. Arrigoni v. Comm., 73 T.C. 792 (1980). Estate of Herbert M. Rapoport, T.C.Memo. 1982-584. Clifford L. Brody and Barbara.I DeClerk, T.C. Summary Opinion, 2004-149.
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Check by work Valence Corporation’s Form 1120S shows ordinary income of $88,000 for the year. Daniel owns 40% of the Valence stock throughout the year. The following information is obtained from the corporate records. problem info Salary paid to Daniel $ (40,000.00) Tax-exempt interest income $ 5,000.00 Charitable contributions $ (6,000.00) Dividends received from a non-US Corp $ 5,000.00 Long-ter capital loss $ (6,000.00) Depreciation Recapture income $ 11,000.00 Refund of prior-year state income taxes $ 5,000.00 Cost of goods sold $ (80,000.00) Short-term capital loss $ (7,000.00) Administraive expenses $ (18,000.00) Short-term capital gain $ 14,000.00 Selling Expenses $ (11,000.00) Daniel's beginning stock basis $ 32,000.00 Daniel's additional stock purchases $ 9,000.00 Beginning AAA $…
Angel Ramos received the following income in 2020: Employment income Non-eligible dividends Sale of capital assets: Shares in İMZ Co. (public corporation) Shares in BAR Co. (public corporation) Shares in TRI Inc. to arm's- $ 2,000 $ 7,500 length party (small business corporation) Stamp set Personal electronic system $ 3,000 $ 1,000 Coin set $ 75,000 $ 5,000 ProceedsACB $ 20,000$ 12,000 $ 3,000 $ 10,000 $ 1,500 $ 2,500 $ 4,000 $ 800 Determine Angel's net income for tax purposes for 2020 in accordance with the aggregating formula of Section 3 of the Income Tax Act. (CPP for enhanced contribution = $166.)
Lone Psychic Experience is a sole proprietorship established this year. Alice Lone established the firm with capital of $80,600. During the year she withdrew $22,000 as personal salary. Net income before tax for the year is $65,100. Alice's average tax rate for income tax purposes is 25%. Required 1: What is the balance of the equity account in the year end financial statements? $ Required 2: What is the balance of the equity account at the beginning of the first year? $ Required 3: What is the maximum amount Alice can withdraw during the first year of operations? $
Lynn, age 45, is single and has no dependents. Her income and expenses for 2019 are reported as follows. The 64,000 business income is from Apex Office Supplies Company, a sole proprietorship that Lynn owns and operates. Apex claimed MACRS depreciation of 3,175 on personal property used in the business and placed in service in the current year. Lynn received interest of 30,000 on City of Pensacola private activity bonds that were issued in 2013. Based on the information presented above, compute Lynns AMT for 2019.
The following information is for Doug Santiago for the 2023 taxation year: • Doug sold shares of a qualified small business corporation (QSBC), for $480,000. The ACB of the shares was $187,000. and selling costs were $4,000. • Also, in 2023 Doug realized a business investment loss (before any adjustment) of $267,000. • At the end of 2023, Doug had a Cumulative Net Investment Loss (CNIL) balance of $2,300. • Doug has a 2019 net capital loss balance of $3,400 [(1/2)($6,800)] that he would like to use to minimize tax in 2023. • Doug claimed the capital gains deduction to eliminate a 2013 capital gain of $29,500, as well as a 2016 capital gain of $49,000. Required: • Doug has asked you to calculate his capital gains deduction for 2023 supported by all the necessary calculations. (Make sure to include all the steps and calculations).
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es Mr. Kelly owns stock in VP and in BL, both of which are S corporations. This year, he had the following income and loss items: Salary Business income from VP Business loss from BL Required: Compute Mr. Kelly's AGI under each of the following assumptions: $ 62,630 19,320 (25,300) a. He materially participates in VP's business but not in BL's business. b. He materially participates in BL's business but not in VP's business. c. He materially participates in both corporate businesses. d. He does not materially participate in either corporate business. a AGI b. AGI C. AGI d. AGI Amount
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Dominique and Terrell are joint owners of a bookstore. The business operates as an S corporation. Dominique owns 65%, and Terrell owns 35%. The business has the following results in the current year: Revenue Business expenses Charitable contributions Short-term capital losses. Long-term capital gains Required: How do Dominique and Terrell report these items for tax purposes? Revenues Expenses Ordinary income Charitable contributions $ 1,500,000 825,000 37,500 3,000 5,000 S/T capital losses LT capital gains Total 0 Dominique (65%) Terrell (35%) Reporting Schedule

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