Robin, a C corporation, had revenues of $417,500 and operating expenses of $75,000. Robin also received a $20,000 dividend from a domestic corporation and is entitled to a $10,000 dividend-received deduction. Robin donated $50,000 to a qualified charitable organization in the current year. What is Robin's contribution deduction A.$34,250B.$35,250C.$36,250D.$50,00017. A nonliquidating distribution from a C corporation may be treated by the shareholder as each of the following exceptA.Ordinary income.B.Nontaxable return of capital.C.Capital gain.D.Capital loss23.A C corporation had accumulated negative earnings and profits (E&P) of $15,000 at the beginning of Year 4. Year 4's current E&P is $10,000. On the last day of Year 4, the corporation made a $12,500 cash distribution to its shareholders. Assuming the shareholders have sufficient basis, what amount of the distribution is reported as a nontaxable return of capital?A.0 B.$2,500C.$10,000D.$12,500

As per guidelines we are supposed to answer only one question (if there are multiple questions…

Answered: Robin, a C corporation, had revenues of…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

Robin, a C corporation, had revenues of $417,500 and operating expenses of $75,000. Robin also received a $20,000 dividend from a domestic corporation and is entitled to a $10,000 dividend-received deduction. Robin donated $50,000 to a qualified charitable organization in the current year. What is Robin's contribution deduction A.

$34,250

$35,250

$36,250

$50,000

17. A nonliquidating distribution from a C corporation may be treated by the shareholder as each of the following except

Ordinary income.

Nontaxable return of capital.

Capital gain.

Capital loss

23.A C corporation had accumulated negative earnings and profits (E&P) of $15,000 at the beginning of Year 4. Year 4's current E&P is $10,000. On the last day of Year 4, the corporation made a $12,500 cash distribution to its shareholders. Assuming the shareholders have sufficient basis, what amount of the distribution is reported as a nontaxable return of capital?

A.0 B.

$2,500

$10,000

$12,500

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions