Los Pollos Hermanos, LLC is owned equally by WW Corp (March 31st taxable year) and Gustavo Corp (April 30th taxable year). What is the required taxable year of Los Pollos Hermanos?
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Los Pollos Hermanos, LLC is owned equally by WW Corp (March 31st taxable year) and Gustavo Corp (April 30th taxable year). What is the required taxable year of Los Pollos Hermanos?
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- Jada Corp owns a 20 percent interest in JV, LLC. Jada’s taxable year ends September 30th. The remaining 80 percent of JV is owned by 20 different partners, each of whom owns a 4 percent interest. Of those 20 partners, 10 have a taxable year that ends December 31. The other 10 have a taxable year that ends July 31st. What is JV, LLC’s required taxable year?XY is a domestic corporation. The taxable period is 2020 year gross income deductions 2016 4,000,000 6,000,000 2017 5,000,000 4,500,00 2018 6,000,000 6,300,000 2019 7,000,000 6,800,000 2020 6,000,000 5,800,000 2021 6,000,000 5,000,000 Compute for the NOLCO claimable in 2021. Show computation A. Zero B. 100,000 C. 200,000 D. 300,000Gaston Corporation distributes § 1245 property as a dividend to its shareholders. The property's fair market value is $813,600, and the adjusted basis is $772,920. In addition, the amount of the recapture potential is $77,292. What is the amount and character of Gaston's gain or loss? As result of the distribution, Gaston recognizes of
- Lake Life, Inc., a C corporation, owns a single asset with a basis of $250,000 and a fair market value of $500,000. Lake Life elects S corporation status. Lake Life holds a positive E & P balance. The entity elects S corporation status for 2019 and then sells the asset. What are the corporate-level built-in gains taxes that must be paid by Lake Life? Answer: $____________C Corporation converts to S Corporation when the fair market value of its assets was $100,000 and its basis of those assets was $60,000. Three years later, S Corporation sells those assets for $120,000. What amount of built in gain is subject to S corporation tax at the date of sale?a. What amount of ordinary income and separately stated items are allocated to them for year 1 based on the information above? Assume that Falcons Corporation has $200,000 of qualified property (unadjusted basis). b. What amount of ordinary income and separately stated items are allocated to them for year 2 based on the information above? Assume that Falcons Corporation has $200,000 of qualified property (unadjusted basis).
- Alaska Inc. is an accrual-basis C corporation that was incorporated on January 1, Year 1. At the end of Year 2, the corporation is considering converting to an S corporation. Alaska is required to determine its accumulated earnings and profits prior to conversion. The company has already calculated book net income, taxable income, and prior-year accumulated earnings and profits, and is now attempting to calculate the company's current earnings and profits. In Year 4, Alaska is still a C corporation. Accumulated earnings and profits at the end of Year 3 were $61,000. Current earnings and profits for Year 4 are $24,000. During Year 4, Alaska made two distributions on the dates indicated in column A of the table below. Allocate the distributions indicated in column B among columns C, D, and E. Round all answers to the nearest dollar. 1 2 3 4 A Distribution Dates 3/31/Yr 4 9/30/Yr 4 Totals B Distribution Amounts $58,000 $33,000 $91,000 с Current E&P 123 123 $0 D Accumulated E&P at 12/31/Yr…Broken Rock LLC was recently formed with the following members: Name Tax Year-End Capital/ Profits % George Allen December 31 33.33% Elanax Corporation June 30 33.33% Elizabeth Cheam December 31 33.34% What is the required taxable year-end for Broken Rock LLC?Which of the following increases the Accumulated Adjustments Account (AAA) of an S Corporation? Cost Of Goods Sold. Nontaxable Life Insurance Proceeds. Tax-Exempt Interest Income. Section 1250 Gains. QUESTION 16 Fannie has been the sole (one hundred percent (100% ) ) shareholder of Beola Corporation, a calendar year S Corporation, since 1981. At end of 2024, Fannie's basis in her stock is $36,800 and she receives a distribution of $44,400 from Beola Corporation. Corporate level accounts of Beola Corporation are as follow: Accumulated Adjustments Account (AAA)- $19,800; Previously Taxed Income (PTI) - $7,300; Accumulated Earnings And Profits (AEP) - $3,600. How is Fannie taxed on the distribution? A $-0- Taxable Dividend and a $-0- Long-Term Capital Gain. A $3,600 Taxable Dividend and a $9,700 Long-Term Capital Gain. A $3,600 Taxable Dividend and a $4,000 Long-Term Capital Gain. A $3,600 Taxable Dividend.
- Calculate taxable income?Subject - account Please help me. Thankyou.Josie Inc is an S Corporation and Josie owns 100 % of its stock. On April 1 2019 Josie sold 25 % of her shares to the LJ General Partnership. ( April 1 st is the 91 st day of Josie , Inc's taxable year. ) As a result of this transaction, Josie Inc's S Corp election is terminated. In 2019 , Josie Inc generated $730,000 of taxable income. How is the 2019 taxable income reported on Josie Inc's 2019 tax return(s) ?