Matulis, Inc., a C corporation, owns a single asset with a basis of $363,200 and a fair market value of $871,680. Matulis elects S corporation status. Matulis holds a positive E & P balance. The entity elects S corporation status for 2020 and then sells the asset. Compute the corporate-level built-in gains tax that must be paid by Matulis. If required, round your answer to the nearest dollar.

Matulis, Inc., a C corporation, owns a single asset with a basis of $363,200 and a fair market value of $871,680. Matulis elects S corporation status. Matulis holds a positive E & P balance. The entity elects S corporation status for 2020 and then sells the asset. Compute the corporate-level built-in gains tax that must be paid by Matulis. If required, round your answer to the nearest dollar.

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter22: S Corporations

Section: Chapter Questions

Problem 15CE

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Assume that Puritan Corporation operates in an industry for which NOL carryback is allowed. Puritan Corporation reported the following pretax accounting income and taxable income for its first three years of operations: 2023 $ 348,000 2024 (534,000) 2025 765,000 Puritan's tax rate is 25% for all years. Puritan elected a loss carryback. As of December 31, 2024. Puritan was certain that it would recover the full tax benefit of the NOL that remained after the operating loss carryback. What would Puritan report as net income for 2025? Multiple Choice $623.554 $573,750 $143,448 $621,562
Requirements a. What is Sigma Corporation's income tax liability assuming its taxable income is (a) $82,000, (b) $123,000, and (c) $55 million. b. How would your answers change if Sigma were a personal service corporation? Requirement a. (a) What is Sigma Corporation's income tax liability assuming its taxable income is $82,000. ma Corporation's income tax liability = Requirement a. (b) What is Sigma Corporation's income tax liability assuming its taxable income is $123,000. pted Sigma Corporation's income tax liability Requirement a. (c) What is Sigma Corporation's income tax liability assuming its taxable income is $55 million. (Enter your answer in dollars, not millions.) = Sigma Corporation's income tax liability: = Requirement b. How would your answers change if Sigma were a personal service corporation? (a) Assume its taxable income is $82,000. Sigma Corporation's income tax liability as a personal service corporation : = (b) Assume its taxable income is $123,000.
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Exercise 28-12 (Algorithmic) (LO. 1) The entity reports the following transactions for the 2022 tax year. The trustee accumulates all accounting income for the year. Operating income from a business Dividend income, all from U.S. corporations (20% tax rate) Interest income, City of San Antonio bonds Trustee fees, deductible portion Net rental losses, passive activity $605,000 36,300 4,840,000 (18,150) (121,000) Click here to access tax table for this problem. Carryout the tax computations to two decimal places and round the final tax liability to the nearest dollar. Compute the Federal income tax liability for the Valerio Trust by providing the following amounts: The amount of the trustee's gross income taxed at 20% for the Valerio Trust is $ The Trustee taxable income taxed at ordinary rates for the Valerio Trust is $ The Federal income tax liability for the Valerio Trust is $ 222,732 X. 36,300 ✔. 586,850 X.
Assume your new venture, organized as a proprietorship, is in its first year of operation. You expect to have taxable income of $50,000. Use the income tax rate information contained in Figure 3.6 to estimate the amount of income taxes you would have to pay. Requirement: If your venture had been organized as a standard corporation instead of a proprietorship, calculate your income tax liability.
Calculate Anaheim Corporation's excess net passive income tax in each of the following alternative scenarios (Leave no answer blank. Enter zero if applicable.) a. Passive investment income, $100,000, expenses associated with passive investment income, $40,000: gross receipts, $120,000 taxable income if a C corporation, $40,000, corporate E&P $30,000 Excess net passive income tax Show Transcribed Text C Calculate Anaheim Corporation's excess net passive income tax in each of the following alternative scenarios: (Leave no answer blank. Enter zero if applicable.) b. Passive investment income, $100,000, expenses associated with passive investment income, $70,000; gross receipts, $120,000. taxable income if a C corporation, $1,200; corporate E&P, $30,000 Excess net passive income tax Show Transcribed Text ง Calculate Anaheim Corporation's excess net passive income tax in each of the following alternative scenarios (Leave no answer blank. Enter zero if applicable.) c. Passive investment…
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D1. Account
Problem 15-33 (LO. 6) Save, Inc., an exempt organization, sells the following assets during the tax year. Asset Gain (Loss) Use Land and building $100,000 In exempt purpose Land 25,000 In exempt purpose Equipment (12,000) Automobile (9,000) Leased to a taxable entity Leased to a taxable entity If an amount is zero, enter "0". Determine the effect of these transactions on Save's unrelated business taxable income. Save, Inc.'s has a net gain of $ 20,000 X Accordingly, this is a negative adjustment in computing UBTI.
f2. Subject:- Accounting