His gross income equals Nicol Corporation has accumulated Earnings & Profits(E&P) of $6,500, but a current deficit of $2,500. If NoahNelson, the sole shareholder, has a basis of $8,500 inhis stock and receives a distribution of $15,000 at thebeginning of the year, his gross income equals:a. $0b. $15,000c. $6,500d. $8,500

Explanation of Earnings & Profits (E&P):Earnings & Profits (E&P) is a measure used…

Answered: Nicol Corporation has accumulated…

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter19: Corporations: Distributions Not In Complete Liquidation

Section: Chapter Questions

Problem 1BCRQ

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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. $_____________
Determine how much of the distribution is taxed as dividend income and how much is a return of capital. The IB corp has accumulated E&P of $20000 on 1/1/20xx. During the year there is a deficit in E &P of $30000 earned evenly through out the year. On July 1, of 20xx BI corp. Distributes $12000 in cash to Maximo it's only shareholder.
On January 1, year 5, Olinto Corp., an accrual basis, calendar year C corporation, had $35,000 in accumulated earnings and profits. For year 5, Olinto had current earnings and profits of $15,000 and made two $40,000 cash distributions to its shareholders, one in April and one in September of year 5. What amount of the year 5 distributions is classified as dividend income to Olinto’s shareholders? a.$15,000 b.$35,000 c.$50,000 d.$80,000
Subject:
During the current year, Swallow Corporation, a calendar year C corporation, has the following transactions. Income from operations $660, 000 Expenses from operations 760, 000 Dividends received from Brown Corporation 240,000 Swallow Corporation owns 12% of Brown Corporation's stock. How much is Swallow's taxable income or NOL for the year?
On January 1 of the current year, ImagineNation Corporation had accumulated E & P of $50,000. It had $150,000 of current E & P, earned evenly throughout the year. ImagineNation makes one cash distribution of $100,000 on July 1 and a property distribution of $150,000 on December 1. The sole shareholder, Curtis, has a basis in the stock of $25,000. a) Determine the amount of each distribution that is from current E&P, accumulated E&P, Return of capital, and capital gain by completing the following table: Date of Distribution July 1 December 1 Totals Return of Capital Accumulated E&P Capital Gain From Current From E&P Total Distribution $100,000 $150,000 $250,000 b) Assume that the basis of the property distributed is $160,000. Determine the amount of gain/loss realized and recognized by ImagineNation Corporation. Gain/Loss realized_ Gain/Loss recognized_
true and best answer wanted. subj. Account
Stock in Random Corporation is owned equally by two individual shareholders. During the current year, Random reports the following results: Income Rentals: $200,000 Dividend (from a 25% owned domestic corporation): 30,000 Taxable interest: 15,000 Short-term capital gains: 3,000 Long-term capital gains: 17,000 Expenses related to rental income Interest: $30,000 Depreciation: 32,000 Property taxes: 11,000 Other Sec. 162 expenses: 50,000 General and administrative expenses: 10,000 Dividend paid on June 30: 15,000 What changes can management make to reduce the corporation’s PHC exposure in future years?
Accounting Stock in Random Corporation is owned equally by two individual shareholders. During the current year, Random reports the following results: Income Rentals: $200,000 Dividend (from a 25% owned domestic corporation): 30,000 Taxable interest: 15,000 Short-term capital gains: 3,000 Long-term capital gains: 17,000 Expenses related to rental income Interest: $30,000 Depreciation: 32,000 Property taxes: 11,000 Other Sec. 162 expenses: 50,000 General and administrative expenses: 10,000 Dividend paid on June 30: 15,000 adjusted ordinary gross income?
Price Corporation, Bucek Corporation, and Askews Corporation have the following income and expenses for the year. Assume that each corporation owns between 20% and 80% of any dividend paying corporation. Calculate each corporation's dividend received deduction ("DRD"). Askews Corp. Price Corp. Bucek Corp. Operating Income 2,550,000 2,550,000 2,550,000 Operating Expenses (2,700,000) (2,650,000) (2,575,000) Dividends Received 200,000 190,000 232,000 Step 1: Step 2: Step 3: DRD
Martin Corporation's accumulated E\&P Was($500,000)at the beginning of the year and Martin Corporation reported current E\&P of$200,000this year. Martin distributed$400,000cash to its sole shareholder, Craig, on the last day of the tax year. Craig's basis in his Martin Corporation stock before the distribution is$60,000. 1. How much of the distribution is a dividend to Craig? 2. What is Craig's stock basis in Martin after the distribution? 3. How much of the distribution is a capital gain to Craig? If any of the answers are−0-, do not leave blank. Put−0-
Check my work The Haas Corp., a calendar year S corporation, has two equal shareholders. For the year ended December 31, year 6, Haas had net income of $60,000, which included $50,000 from operations and $10,000 from investment income. There were no other transactions that year. Each shareholder's basis in teh stock of Haas will increase by: $50,000, $30,000, $25,000 or $0 My answer $30,000

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