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Accounting Expert Answers & Study Resources : Page 93

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104) Small Corporation had the following capital gains and losses during the current year: LTCG              $30,000 LTCL              $23,000 STCG              $ 9,000 STCL              $18,000 Taxable income, exclusive of the capital gains and losses above, is $68,000. a.How should the capital gains and losses be treated for the current year? b.What is the taxable income for the current year.

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  • 104) Small Corporation had the following capital gains and losses
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51) Musketeer Corporation has the following income and expense items during the current year: Net income from operations (before dividend income) $ 120,000 Dividends from 10% owned corporations 240,000 The allowed dividends-received deduction is A) $ 120,000. B) $ 168,000. C) $192,000. D) $240,000. 52) Jenkins Corporation has the following income and expense items during the current year: Net loss from.

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  • 51) Musketeer Corporation has the following income and expense items
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61) Chocolat Inc. is a U.S. chocolate manufacturer.  Its domestic production income is $2,000,000. Taxable income before the domestic production deduction is $3,000,000. What is the amount of the production activities deduction? A) $270,000 B) $180,000 C) $90,000 D) $60,000 62) Chocolat Inc. is a U.S. chocolate manufacturer. Its domestic production income is $4,000,000. Taxable.

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  • 61) Chocolat Inc. a U.S. chocolate manufacturer.  Its domestic production
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81) On July 1, Joseph, a 10% owner, sells his interest in ABC Partnership to Andy, an outsider, for $165,000 cash and the release from $20,000 of partnership liabilities. Joseph's partnership interest at the beginning of the year was $120,000.  The partnership earned income through June 30 of $100,000.  Joseph's.

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  • 81) On July 1, Joseph, a 10% owner, sells his
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21) A partnership's liabilities have increased by year-end.  Partners' bases in their partnership interests will increase. 22) Ordinary losses and separately stated deduction and loss items that exceed a partner's basis carry over indefinitely until the partner has a positive partnership basis. 23) Losses are disallowed on sales or exchanges between a.

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  • 21) A partnership's liabilities have increased by year-end.  Partners' bases
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11) If a corporation owns less than 20% of the stock of the distributing corporation, the dividends-received deduction is not allowed for the recipient corporation. 12) If a corporation receives dividends from an 80% or more owned affiliated corporation, the dividends-received deduction is 100%. 13) In computing a corporation's NOL, the dividends-received.

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  • 11) If a corporation owns less than 20% of the
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71) In the fall of 2013, James went back to school to earn a master of accountancy degree. He incurred $7,000 of qualified educational expenses and his modified AGI for the year was $40,000. His Lifetime Learning Credit is A) $1,000. B) $1,400. C) $1,800. D) $2,000. 72) All of the following statements are true.

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  • 71) In the fall of 2013, James went back to
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107) Compare and contrast proposed, temporary, and final regulations. 108) Compare and contrast "interpretative" and "statutory" regulations. 109) Explain the legislative reenactment doctrine. 110) In which courts may litigation dealing with tax matters begin? Discuss the factors that might be considered in deciding where to begin litigation. 111) Describe the appeals process in tax.

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  • 107) Compare and contrast proposed, temporary, and final regulations. 108) Compare
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109) Oak Corporation manufactures widgets in its factory in Houma, Louisiana.  Its taxable income (before the production deduction) is $200,000 and its net income from qualified production activities is $180,000. What is the amount of Oak Corporation's qualified production activities deduction? 110) Sycamore Corporation's financial statements show the following items for.

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  • 109) Oak Corporation manufactures widgets in its factory in Houma,
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