Ruby Enterprises, a closely held corporation, generated $180,000 of income from operations during the year. It also incurred passive losses of $125,000 and earned interest of $35,000 (Ruby Enterprises was fully at risk for the amount of loss). What is the corporation's taxable income? a) $55,000 b) $90,000 c) $215,000 d) $160,000
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- I need answer of this questionWhat was the taxable income for the year?Lanco Corporation, an accrual-method corporation, reported taxable income of $1,600,000 this year. Included in the computation of taxable income were the following items: • MACRS depreciation of $226,000. Depreciation for earnings and profits purposes is $133,000. • A net capital loss carryover of $14,000 from last year. • A net operating loss carryover of $28,900 from last year. • $77,550 capital gain from the distribution of land to the company's sole shareholder (see below). Not included in the computation of taxable income were the following items: • Tax-exempt Income of $9,650. • Life Insurance proceeds of $259,000. • Excess current-year charitable contribution of $2,800 (to be carried over to next year). • Tax-deferred gain of $21,000 on a like-kind exchange. . • Nondeductible life insurance premium of $4,100. • Nondeductible Interest expense of $3,900 on a loan used to buy tax-exempt bonds. Lanco's accumulated E&P at the beginning of the year was $3,050,000. During the year,…
- Prepare a calculation of taxable income for the following scenarios: S corporation owned by Henry, Iris, and Jasmine Wrigley Juice has the following income, expense, and loss items for the current year: Sales $850,000 Tax-exempt interest 40,000 Long-term capital gain 85,000 Short-term capital loss 35,000 Passive activity loss 20,000 Cost of goods sold 480,000 Depreciation 40,000 Section 179 expense 50,000 Other operating expenses 200,000 Net operating loss (from preceding year) 24,000Lanco Corporation, an accrual-method corporation, reported taxable income of $1,460,000 this year. Included in the computation of taxable income were the following items: MACRS depreciation of $200,000. Depreciation for earnings and profits purposes is $120,000.A net capital loss carryover of $10,000 from last year.A net operating loss carryover of $25,000 from last year.$65,000 capital gain from the distribution of land to the company’s sole shareholder (see below).Not included in the computation of taxable income were the following items: Tax-exempt income of $5,000.Life insurance proceeds of $250,000.Excess current-year charitable contribution of $2,500 (to be carried over to next year).Tax-deferred gain of $20,000 on a like-kind exchange.Nondeductible life insurance premium of $3,500.Nondeductible interest expense of $1,000 on a loan used to buy tax-exempt bonds.Lanco’s accumulated E&P at the beginning of the year was $2,400,000. During the year, Lanco made the following…provide correct answer
- Lanco Corporation, an accrual-method corporation, reported taxable income of $1,720,000 this year and paid Federal income tax of $361,200. Included in the computation of taxable income were the following items: • MACRS depreciation of $253,000. Depreciation for earnings and profits purposes is $124,000. • A net capital loss carryover of $13,700 from last year. • A net operating loss carryover of $31,000 from last year. $76,750 capital gain from the distribution of land to the company's sole shareholder (see below). Not included in the computation of taxable income were the following items: • Tax-exempt income of $8,600. • Life insurance proceeds of $267,000. • Excess current-year charitable contribution of $2,300 (to be carried over to next year). • Tax-deferred gain of $21,300 on a like-kind exchange. • Nondeductible life insurance premium of $4,700. • Nondeductible interest expense of $3,600 on a loan used to buy tax-exempt bonds. . Lanco's accumulated E&P at the beginning of the…Bayelsa Corp. had the following transactions in the current year: Short term capital gain Short term capital loss Long term capital gain Long term capital loss If Bayelsa has taxable income of $70,000 before considering the capital transactions, what is Bayelsa's net capital loss that cannot be deducted in the current year? O SO $12,000 -$3,000 $5,000 -$16,000 O $19,000 net capital loss O $11,000 net capital loss O $2,000 net capital lossLanco Corporation, an accrual-method corporation, reported taxable income of $2,020,000 this year. Included in the computation of taxable income were the following items: MACRS depreciation of $301,000. Depreciation for earnings and profits purposes is $193,000. A net capital loss carryover of $20,100 from last year. A net operating loss carryover of $26,500 from last year. $60,600 capital gain from the distribution of land to the company’s sole shareholder (see below). Not included in the computation of taxable income were the following items: Tax-exempt income of $5,300. Life insurance proceeds of $340,000. Excess current-year charitable contribution of $2,600 (to be carried over to next year). Tax-deferred gain of $27,700 on a like-kind exchange. Nondeductible life insurance premium of $2,900. Nondeductible interest expense of $2,100 on a loan used to buy tax-exempt bonds. Lanco's accumulated E&P at the beginning of the year was $2,870,000. During the year, Lanco made the…
- Rock Island Corporation generated taxable income (before deductions for depreciation, interest expense, and net operating loss carryovers) of $1 million this year. Taxable income was computed on $50 million of revenues and included $50,000 of interest income. The company paid $450,000 in interest expense. What is Rock Island's maximum business interest deduction for the year?This year, Sigma, Incorporated generated $637,500 income from its routine business operations. In addition, the corporation sold the following assets, all of which were held for more than 12 months: Initial Basis $ 165,200 110,800 Accumulated Depreciation $0 88,640 223,500 206,000 Marketable securities Production equipment Business realty: Land Building. "Through date of sale. Required: a. Compute Sigma's taxable income assuming that it used the straight-line method to calculate depreciation on the building and has no nonrecaptured Section 1231 losses. b. Recompute taxable income assuming that Sigma sold the securities for $169,400 rather than $73,750. Complete this question by entering your answers in the tabs below. Sale Price $ 73,750 38,000 0 61,800 236,750 231,000 Required A Required B Compute Sigma's taxable income assuming that it used the straight-line method to calculate depreciation on the building and has no nonrecaptured Section 1231 losses. Taxable incomeFor current year, S Corporation had a net short-term loss of $20,000. Its operating income excluding the capital loss was $100,000. What is the tax treatment of the $20,000 net capital loss?