Maxwell Corporation reports the following results: Gross income from operations Dividends received from 18%-owned domestic corporation Expenses Maxwell's dividends-received deduction is [Subject:- General Account] $ 80,000 60,000 1,00,000
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expert solve it. Subject:- general account
![Maxwell Corporation reports the following results:
Gross income from operations
Dividends received from 18%-owned domestic corporation
Expenses
Maxwell's dividends-received deduction is
[Subject:- General Account]
$ 80,000
60,000
1,00,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F203c1e83-0ac7-4628-9ff0-242c0918844e%2F2c7c6340-0921-420e-afe7-30b043cd2f7b%2Fqn03knl_processed.jpeg&w=3840&q=75)
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- The following are the composition of the total gross income of a domestic corporation which is subject to MCIT: sales (net of discount and allowances) 4,000,000.00 less: cost of sales 2,400,000.00 gross income dividends income 1,600,000.00 100,000.00 royalty income gain on sale of building total gross income 250,000.00 150,000.00 2,100,000.00 1. What is the regular corporate income tax, if the corporation has a total allowable deduction of 1,700,000? 2. What is the MCIT? 3. What is the minimum corporate income tax? MPG institute reported the following: related unrelated total 200,000.00 500,000.00 300,000.00 100,000.00 100,000.00 200,000.00 Gross income deductions taxable income 200,000.00 100,000.00 300,000.00 1. What is the tax due if the corporation is an exempt non-profit corporation? 2. Wht is the tax due if the corporation is a proprietary educational institution or non profit hospital?sDuring the current year, The Jupiter Company, which is an S corporation, had the following items of income andexpenses: Income:Gross income from operations $150,000Interest income 5,000Qualified dividend income from investments 800Deductions:Compensation of Officers 67,000State taxes 5,000Short-Term Capital Loss 6,000Employee benefits 3,500Contribution to Pet Haven 1,000Interest 3,000Distributions to the shareholders 75,000a. Calculate the net ordinary income.b. List all the other items which must be separately reported.c. If the S corporation is on a calendar year, when is the corporation’s tax return due?
- Carter Corporation reports the following for the current taxable year: Gross income from operations $660,000 Dividends from 25%-owned corporation $300,000 Operating expenses $700,000 What is Carter’s taxable income?Comparative income statements of Sub Corporation for the calendar years 2019, 2020, and 2021 are as follows (in thousands): 2019 2020 2021Sales $22,000 $18,500 $19,250Cost of sales 10,600 9,900 10,100Gross profit 11400 8600 9150Operating expenses 5,700 5,500 6,000Net income $ 5700 $ 3100 $ 3150ADDITIONAL INFORMATION1. Sub was an 80 percent-owned subsidiary of Pub Corporation throughout the 2019–2021 period. Pub’s…Comparative income statements of Sub Corporation for the calendar years 2019, 2020, and 2021 are as follows (in thousands): 2019 2020 2021Sales $22,000 $18,500 $19,250Cost of sales 10,600 9,900 10,100Gross profit 11400 8600 9150Operating expenses 5,700 5,500 6,000Net income $ 5700 $ 3100 $ 3150ADDITIONAL INFORMATION1. Sub was an 80 percent-owned subsidiary of Pub Corporation throughout the 2019–2021 period. Pub’s separate income (excludes income from Sub) was $7,200,000, $6,600,000, and $7,500,000 in 2019, 2020, and 2021, respectively. Pub acquired its interest in Sub at its underlying book value, which was equal to fair value on July 1, 2017.2. Pub sold inventory items to Sub during 2019 at a gross profit to Pub of $720,000. Half the merchandise remained in Sub’s inventory at December 31, 2019. Total sales by Pub to Sub in 2019 were $1,800,000. The remaining merchandise was sold by Sub in 2020.3. Pub’s inventory at December 31, 2020, included items acquired from Sub on which Sub made…
- Comparative income statements of Sub Corporation for the calendar years 2019, 2020, and 2021 are as follows (in thousands): 2019 2020 2021Sales $22,000 $18,500 $19,250Cost of sales 10,600 9,900 10,100Gross profit 11400 8600 9150Operating expenses 5,700 5,500 6,000Net income $ 5700 $ 3100 $ 3150ADDITIONAL INFORMATION1. Sub was an 80 percent-owned subsidiary of Pub Corporation throughout the 2019–2021 period. Pub’s separate income (excludes income from Sub) was $7,200,000, $6,600,000, and $7,500,000 in 2019, 2020, and 2021, respectively. Pub acquired its interest in Sub at its underlying book value, which was equal to fair value on July 1, 2017.2. Pub sold inventory items to Sub during 2019 at a gross profit to Pub of $720,000. Half the merchandise remained in Sub’s inventory at December 31, 2019. Total sales by Pub to Sub in 2019 were $1,800,000. The remaining merchandise was sold by Sub in 2020.3. Pub’s inventory at December 31, 2020, included items acquired from Sub on…Arriba and its 80 percent-owned subsidiary (Abajo) reported the following figures for the year ending December 31, 2021 (credit balances indicated by parentheses). Abajo paid dividends of $34,000 during this period. Abajo $(340,000) 158,800 68,000 Arriba $(680,000) 340,000 197,200 (27,200) Sales Cost of goods sold Operating expenses Dividend income Net income $(170,000) $(113,200) In 2020, intra-entity gross profits of $34,000 on upstream transfers of $102,000 were deferred into 2021. In 2021 intra-entity gross profits of $45,200 on upstream transfers of $124,400 were deferred into 2022. a. What amounts appear for each line in a consolidated income statement for the year ending December 31, 2021? b. What income tax expense should appear on the consolidated income statement if each company files a separate return? Assume that the tax rate is 21 percent.Fisafolia Corporation has gross income from operations of $210,000 and operating expenses of $160,000 for 2019. The corporation also has $30,000 in dividends from publicly traded domestic corporations in which the ownership percentage was 45 percent. Calculate the corporation's dividends received deduction for 2019. $_____________ Assume that instead of $210,000, Fisafolia Corporation has gross income from operations of $135,000. Calculate the corporation's dividends received deduction for 2019. $___________ Assume that instead of $210,000, Fisafolia Corporation has gross income from operations of $158,000. Calculate the corporation's dividends received deduction for 2019. $_____________
