What is the balance in the capital dividend accbu
Chapter11: The Corporate Income Tax
Section: Chapter Questions
Problem 5P: Fisafolia Corporation has gross income from operations of $210,000 and operating expenses of...
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![Gains Inc. had a balance in its capital dividend account of $150,000 at January 1, 2020. During the 2020 year, the company had a taxable capital gain of
$50,000, allowable capital losses of $30.000, received a capital dividend of $35.000 from a subsidiary, and paid eligible dividends of $45,000. On
November 15, 2020, a capital dividend of $32,000 was paid, and the appropriate election was filed. What is the balance in the capital dividend account
at December 31, 2020?
O A S203,000
O B. $173,000
OC. $128.000
O D. $138,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F606e07e5-19ae-4765-899b-05d41ef78460%2F0d4480e4-b688-426c-8b54-18d2ae538ab8%2Fxzrfd0h_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Gains Inc. had a balance in its capital dividend account of $150,000 at January 1, 2020. During the 2020 year, the company had a taxable capital gain of
$50,000, allowable capital losses of $30.000, received a capital dividend of $35.000 from a subsidiary, and paid eligible dividends of $45,000. On
November 15, 2020, a capital dividend of $32,000 was paid, and the appropriate election was filed. What is the balance in the capital dividend account
at December 31, 2020?
O A S203,000
O B. $173,000
OC. $128.000
O D. $138,000
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