Please give me true answer this financial accounting question Russell Industries owns stock in Beacon Corporation andhas an operating income of $180,000 and operatingexpenses of $210,000 for the year. Beacon Corporationpays Russell a dividend of $120,000. What amount ofdividends received deduction may Russell claim if it owns25% of Beacon's stock?a. $48,000b. $60,000c. $30,000d. $78,000

Step 1: Define Dividends Received Deduction (DRD)The Dividends Received Deduction (DRD) allows a…

Answered: Russell Industries owns stock in Beacon…

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter17: Corporations: Introduction And Operating Rules

Section: Chapter Questions

Problem 9BCRQ

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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. $_____________
Ames Corporation repurchases 10,000 shares of its common stock for $12 per share. The shares were originally issued at an average price of $10 per share. Later it resells 6,000 of the shares for $15 per share and the remaining 4,000 shares for $17 per share. How much gain or loss should Ames report on its income statement as a result of these transactions? $38.000 gain $0 $20,000 loss $20,000 loss and $38,000 gain
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 Click here to view the dividend received deduction table. Question Content Area a. Swallow Corporation owns 12% of Brown Corporation's stock. How much is Swallow's taxable income or NOL for the year? Swallow's taxable income after deducting the dividends received deduction is $fill in the blank fd6fd0f8303e049_2 . Feedback Area Feedback The purpose of the dividends received deduction is to mitigate multiple taxation of corporate income. Without the deduction, income paid to a corporation in the form of a dividend would be taxed to the recipient corporation with no corresponding deduction to the distributing corporation. Later, when the recipient corporation paid the income to its shareholders, the income would again be subject to taxation with no corresponding…
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 Click here to view the dividend received deduction table. a. Swallow Corporation owns 12% of Brown Corporation's stock. How much is Swallow's taxable income or NOL for the year?Swallow's taxable income after deducting the dividends received deduction is $. b. Assume instead that Swallow Corporation owns 26% of Brown Corporation's stock. How much is Swallow's taxable income or NOL for the year?Swallow's NOL after deducting the dividends received deduction is $.
Sparks Corporation receives a dividend of $100,000 from Jill Corporation, a C corporation. Sparks owns 70% of Jill Corporation stock. Spark's dividend received deduction is: A. $65,000 B. $100,000 C. $80,000
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?
During the current year, Swallow Corporation, a calendar year C corpora- tion, has the following transactions: Income from operations $660,000Expenses from operations 760,000Dividends 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? Assume instead that Swallow Corporation owns 26% of Brown Corporation’s stock. How much is Swallow’s taxable income or NOL for the year?
XYZ Corporation, a calendar year C Corporation, has $100,000 gross business receipts, $5,000 interest income from corporate bonds, $20,000 qualified dividend income from a 5% owned C Corporation, $110,000 business expenses, and $2,000 charitable contribution. How much is XYZ's taxable income (or net operating loss) for the current year?\\n\\nGroup of answer choices\\n\\n$0 Taxable income.\\n\\n$3,000 Taxable income.\\n\\n$6,500 Taxable income.\\n\\n$6,750 Taxable income.
Dd.62.
On January 1 of the current year, Beta Company paid $200,000 for 10,000 shares of Gamma Company common stock. Beta owns 10% of Gamma Company. Gamma reported net income of $67,000 for December 31 of the current year. The fair value of the Gamma stock on that date was $28. What amount will be reported in Beta's balance sheet for the investment in Gamma at December 31? ○ A. $347,000 B. $267,000 C. $280,000 OD. $213,000
Craig received a $25,000 distribution from Yellow Corporation that the corporation identified as $15,000 dividend and $10,000 return of capital. What effect does this distribution have on Craig’s taxable income if his basis in the stock of Yellow is $8,000? a. Increase of $25,000 b. Increase of $17,000 c. Increase of $15,000 d. Increase of $10,000 Samuel Co. has had taxable income of $450,000, $570,000, $760,000 and $680,000 in years 2013 through 2016, respectively. What were the equal minimum quarterly estimated tax payments for 2016 that Samuel Co. should have made in 2016 to avoid any penalty? a. $58,000 b. $64,676 c. $57,676 d. $170,000 Which of the following is not a separately stated item on a partnership’s Schedule K? a. A $5,000 long---term capital loss b. $20,000 of unrecaptured Section 1250 c. $3,000 charitable contribution d. $5,000 bond interest e. All are separately stated. Ryan is a 30 percent general partner in ABC Partnership. His basis in his partnership interest at…
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