QUESTION 23 During the year of 2023, Bradford Corporation, an S Corporation has a recognized Built-in Gain of $80.000 and Taxable income if it were a Regular (C) Corporation of $95,000. The Built-In Gains Tax (Section 1374 of the Internal Revenue Code) of Bradford Corporation for the year of 2023 $33,250. $16,800. $28,000. $61,250.

QUESTION 23 During the year of 2023, Bradford Corporation, an S Corporation has a recognized Built-in Gain of $80.000 and Taxable income if it were a Regular (C) Corporation of $95,000. The Built-In Gains Tax (Section 1374 of the Internal Revenue Code) of Bradford Corporation for the year of 2023 $33,250. $16,800. $28,000. $61,250.

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter11: The Corporate Income Tax

Section: Chapter Questions

Problem 1P: Quince Corporation has taxable income of $485,000 for its calendar tax year. Calculate the...

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Quince Corporation has taxable income of $485,000 for its calendar tax year. Calculate the corporation's income tax liability for 2019 before tax credits. $________________
QUESTION 23 During the year of 2021, Bradford Corporation, an S Corporation has a recognized Built-in Gain of $80,000 and Taxable Income if it were a Regular (9 Corporation of $95,000. The Built-in Gains Tax (Section 1374 of the Internal Revenue Code) of Bradford Corporation for the year of 2021 is: O $33,250. $28,000. O $61,250. • $16,800.
QUESTION 28 During the year of 2021, Johnson Corporation, an S Corporation has a recognized Bult-in Gain of $90,000 and Taxable Income if it were a Regular (C) Corporation of $83,000. The Bullt-In Gain Tax (Section 1374 of the Internal Revenue Code) of Johnson Corporation for the year of 2021 is: O $60,550. O $29,050. O $17,430. O $31,500.
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Problem 15-58 (LO 15-6) In each of the following independent cases for tax year 2022, determine the amount of business interest expense deduction and disallowed interest expense carryforward, if any. Assume that average annual gross receipts exceed $27 million. Required: a. Company A has ATI of $70,000 and business interest expense of $20,000. b. Company B has ATI of $90,000, business interest expense of $50,000, and business interest income of $2,000. c. Company C has taxable income of $50,000 which includes business interest expense of $90,000 and depreciation of $20,000. Note: For all requirements, leave no cells blank - be certain to enter "0" wherever required. Enter your answers in dollar values not in million of dollars. a. Company A b. Company B c. Company C Interest expense deduction Disallowed interest expense carryforward
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Red Velvet Corporation, a domestic corporation has the following data. 2021 2022 Gross Income 3,500,000.00 2,400,000.00 Taxable Income 125,000.00 500,000.00 The income tax payable for 2021 is 31,250 40,000 35,000 37,500