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Accounting Expert Answers & Study Resources : Page 101

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95) Dexter Corporation reports the following results for the current year: Gross income from operations              $90,000 Dividends from less than 20%-owned corporations              50,000 Operating expenses              75,000 Charitable contributions              10,000 In addition, Dexter has a $25,000 NOL carryover from the preceding tax year. What is Dexter's taxable income for the current year? 96) Chase Corporation reports the.

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  • 95) Dexter Corporation reports the following results for the current
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102) Woods and Tiger Corporations have only one class of stock outstanding, owned by the following individuals: Stock Ownership Percentages ShareholderWoods Corp.Tiger Corp. John80%25% Sarah20%75% Are Woods and Tiger members of a brother-sister controlled group? Why or why not? 103) Ben and Jerry Corporations are members of the Ben-Jerry controlled group. The corporations file separate tax.

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  • 102) Woods and Tiger Corporations have only one class of
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98) Courtney Corporation had the following income and expenses for the tax year: Gross profit on sales              $300,000 Expenses              $600,000 Dividends received from less-than-20%- owned domestic corporations              $ 20,000 Courtney had taxable income for the past three years of: 2009              $100,000 2010              $120,000 2011              $ 80,000 a)Determine the corporation's NOL for the current year. b)Determine the amount of NOL carried.

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  • 98) Courtney Corporation had the following income and expenses for
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51) Maxwell Corporation reports the following results: Gross income from operations $90,000 Dividends received from 18%-owned domestic corporation 70,000 Expenses 100,000 Maxwell's dividends-received deduction is A) $42,000. B) $49,000. C) $56,000. D) $70,000. 52) Identify which of the following statements is true. A) The dividends-received deduction is designed to reduce double taxation of corporate dividends. B) The full 80% dividends-received deduction is available.

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  • 51) Maxwell Corporation reports the following results: Gross income from operations $90,000
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108) On May 1 of the current year, Kiara, Victor, Pam, and Joe form Newco Corporation with the following investments: Property Transferred Number of TransferorAssetBasis to TransferorFMVcommon shares issued KiaraLand $12,000              $30,000 Building              38,000              70,000              400 Mortgage and the land & building              60,000              60,000 VictorEquipment              25,000              40,000              300 PamVan 15,000              10,000              .

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  • 108) On May 1 of the current year, Kiara, Victor,
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82) Payment Corporation has accumulated E&P of $19,000 and current E&P of $28,000. During the year, the corporation makes the following distributions to its sole shareholder: Date Amount Distributed April 1 June 1 August 1 November 1 $20,000 20,000 15,000 5,000 The sole shareholder's basis in her stock is $45,000. What are the tax consequences of the June 1 distribution? 83) Green.

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  • 82) Payment Corporation has accumulated E&P of $19,000 and current
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92) Carter Corporation reports the following results for the current year: Gross profits on sales              $660,000 Dividends from less than 20%-owned corporations              300,000 Operating expenses              650,000 a)What is Carter Corporation's taxable income for the current year? b)How would your answer to Part (a) change if Carter's operating expenses are instead $700,000? c)How would your answer to.

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  • 92) Carter Corporation reports the following results for the current
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110) Describe the domestic production activities deduction. 111) What are the various levels of stock ownership by corporate shareholders for the dividends-received deduction (DRD)? What is the DRD% for each level of ownership? 112) How does the use of an NOL differ for individual and corporate taxpayers? 113) When computing corporate taxable income..

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  • 110) Describe the domestic production activities deduction. 111) What the various
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106) How does the use of a net capital loss differ for individual and corporate taxpayers? 107) James Corporation purchased residential real estate in 2007 for $225,000, of which $25,000 was allocated to land and $200,000 was allocated to the building. James Corporation took straight-line MACRS deductions of $30,000 during the.

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  • 106) How does the use of a net capital loss
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80) Lass Corporation reports a $25,000 net capital loss this year. The corporation reports the following net capital gains during the past three years. Year Net Long-Term Capital Gain Net Short-Term Capital Gain Third previous year Year before last Last year $5,000 7,000 -0- $6,000   3,000 -0- Determine the amount of net capital loss carried back to each preceding tax year.

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  • 80) Lass Corporation reports a $25,000 net capital loss this
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