oblem 19-34 (Algorithmic) (LO. 1, 4) the start of the current year, Blue Corporation (a calendar year taxpayer) has accumulated E & P of $110,000. Blue's current E & P is 56,000, and at the end of the year, it distributes $220,000 ($110,000 each) to its equal shareholders, Pooja and Jon. Pooja's stock basis is 15,400; Jon's stock basis is $61,600. ow is the distribution treated for tax purposes? an amount is zero, enter "0". poja has the following: vidend income: $ apital gain: $ cock basis after distribution: n has the following: vidend income: apital gain: $ tock basis after distribution: $

oblem 19-34 (Algorithmic) (LO. 1, 4) the start of the current year, Blue Corporation (a calendar year taxpayer) has accumulated E & P of $110,000. Blue's current E & P is 56,000, and at the end of the year, it distributes $220,000 ($110,000 each) to its equal shareholders, Pooja and Jon. Pooja's stock basis is 15,400; Jon's stock basis is $61,600. ow is the distribution treated for tax purposes? an amount is zero, enter "0". poja has the following: vidend income: $ apital gain: $ cock basis after distribution: n has the following: vidend income: apital gain: $ tock basis after distribution: $

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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You’re a 40% shareholder of ABC, Inc., an S corporation. ABC’s ordinary busi-ness income for 2019 was exactly $100,000. ABC distributed $20,000 to you in your capacity as a shareholder during 2019. On your 2019 Form 1040, you will report ___ of gross income from ABC. Why is that the correct amount plzzz ans asap.....
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am. 119.
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b. Suppose that Matt sold half of his shares to Chris Coop on June 1st for $40,000. How much dividend income will Matt recognize this year? Dividend recognized Show Transcribed Text G o c. If Matt's basis in his Lone Star shares was $7,000 at the beginning of the year, how much capital gain will he recognize on the sale and distributions from Lone Star? Capital gain recognized on the sale and distribution
ABC corporation, a calendar year S corporation, with two 50% shareholders, provided you with the following information for 2019: Tax-exempt interest income $10,000 Sales $300,000 Depreciation recapture income $12,000 Long-term capital gain $40,000 Section 1231 gain $7,000 Cost of goods sold ($142,000) Administrative expense ($35,000) Depreciation expense ($47,000) Charitable contributions ($7,000) Distributions to shareholders $100,000 1-1-2019 AAA balance $60,000 1-1-2019 shareholder basis in stock $45,000 each ($90,000 total) 1-1-2019 OAA balance $4,000 Calculate ABC corporation’s AAA balance as of 12-31-2019.
Company XYZ is a CCPC. This year has an opening non-eligible RDTOH of $20,000; cdn ABI income was $200,000; non- eligible, cdn dividend income (non-connected) was $10,000; cdn taxable capital gain income of $20,000; paid out dividend was $30,000. The small business deduction was $19,000. Part I tax was $40,000. There was an applied allowable net capita loss carry forward of $10,000. Taxable income was $270,000, assume all transactions and balances qualify for non-eligible status. Please calculate the company`s ending noneligible RDTOH BEFORE this year `s dividednd refund this year?
subject:accounting
Acco
KA
Cramer Corporation, a calendar year, accrual basis corporation, reported $1.25 million of net income after tax on its 2020 financial statements prepared in accordance with GAAP. The corporation's books and records reveal the following information: . . Cramer's federal income tax expense per books was $205,000. Cramer's book income included $15,000 of dividends received from a domestic corporation in which Cramer owns a 25 percent stock interest, and $6,500 of dividends from a domestic corporation in which Cramer owns a 5 percent stock interest. Cramer recognized $15,000 of capital losses this year and no capital gains. . . Cramer recorded $10,600 of book expense for meals and $12.500 of book expense for entertainment costs. . Cramer's depreciation expense for book purposes totaled $405,000. MACRS depreciation was $475,000. Required: a. Compute Cramer's federal taxable income and regular tax liability. b. Prepare a Schedule M-1, page 6, Form 1120, reconciling Cramer's book and taxable…
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