A distribution of money is made from an S corporation to its sole shareholder.Determine the tax consequences by completing the table below.In each case the shareholder's basis is $165,000 at the time of the distribution.AAA50,000E&P-0-Distribution150,000Tax Free ROCCapital GainDividend End Basis End AAA250,00050,000 200,00050,000 300,000 280,000250,000 300,000 450,00050,000100,000 200,000650,000 250,000 600,000

Distribution of $50,000:The entire distribution of $50,000 is treated as a non-taxable return of…

Answered: A distribution of money is made from an…

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter19: Corporations: Distributions Not In Complete Liquidation

Section: Chapter Questions

Problem 32P

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Calculate Anaheim Corporation's excess net passive income tax in each of the following alternative scenarios (Leave no answer blank. Enter zero if applicable.) a. Passive investment income, $100,000, expenses associated with passive investment income, $40,000: gross receipts, $120,000 taxable income if a C corporation, $40,000, corporate E&P $30,000 Excess net passive income tax Show Transcribed Text C Calculate Anaheim Corporation's excess net passive income tax in each of the following alternative scenarios: (Leave no answer blank. Enter zero if applicable.) b. Passive investment income, $100,000, expenses associated with passive investment income, $70,000; gross receipts, $120,000. taxable income if a C corporation, $1,200; corporate E&P, $30,000 Excess net passive income tax Show Transcribed Text ง Calculate Anaheim Corporation's excess net passive income tax in each of the following alternative scenarios (Leave no answer blank. Enter zero if applicable.) c. Passive investment…
Requirements a. What is Sigma Corporation's income tax liability assuming its taxable income is (a) $82,000, (b) $123,000, and (c) $55 million. b. How would your answers change if Sigma were a personal service corporation? Requirement a. (a) What is Sigma Corporation's income tax liability assuming its taxable income is $82,000. ma Corporation's income tax liability = Requirement a. (b) What is Sigma Corporation's income tax liability assuming its taxable income is $123,000. pted Sigma Corporation's income tax liability Requirement a. (c) What is Sigma Corporation's income tax liability assuming its taxable income is $55 million. (Enter your answer in dollars, not millions.) = Sigma Corporation's income tax liability: = Requirement b. How would your answers change if Sigma were a personal service corporation? (a) Assume its taxable income is $82,000. Sigma Corporation's income tax liability as a personal service corporation : = (b) Assume its taxable income is $123,000.
Calculate the corporate income tax for each of the following corporate taxable incomes. a. $15,000 b. $88,000 c. $180,000 d. $400,000 e. $16,700,000
Calculate the amount of corporate income tax due and the net income after taxes (in $) for the corporation. (Assume the corporate tax rate is 21%.) Name TaxableIncome TaxLiability Net Incomeafter Taxes Corporation 3 $15,250,000 $ $
If Corp X(C Distribution) distributes Blackacre to shareholders cost $10000 FMV $100000a. Is the corporation taxed? Give Code Section and amount of taxb. Are Shareholders taxed? Give character(ordinary income/capital gain) and code section(s) to support your answer.
Calculate Anaheim Corporation's excess net passive income tax in each of the following alternative scenarios: Note: Leave no answer blank. Enter zero if applicable. b. Passive investment income, $ 100,000; expenses associated with passive investment income, $70,000; gross receipts, $120,000; taxable income if a C corporation, $1,200; corporate Earnings and profit, $30,000. Excess net passive income tax
Calculate Anaheim Corporation's excess net passive income tax in each of the following alternative scenarios: a. Passive investment income, $100,000; expenses associated with passive investment income, $40,000; gross receipts, $208,000; taxable income if a C corporation, $22,400; corporate Earnings and profit, $41,000. Excess net passive income tax??? b. Passive investment income, $100,000; expenses associated with passive investment income, $70,000; gross receipts, $208,000; taxable income if a C corporation, $5,600; corporate Earnings and profit, $41,000. Excess net passive income tax??? c. Passive investment income, $100,000; expenses associated with passive investment income, $40,000; gross receipts, $208,000; taxable income if a C corporation, $22,400; corporate Earnings and profit, $0. Excess net passive income tax???
An entity provided the following net of tax figures for the current year: Net income 7,700,000 Net remeasurement loss on defined benefit plan 300,000 Unrealized gain on FA@FVOCI 1,500,000 Reclassification adjustment for gain on sale of 250,000 FA@FVOCI included in the net income Share warrants outstanding 400,000 Cumulative effect of change in accounting 500,000 policy - credit Interest revenue 100,000 Equity in associate's earnings 300,000 Prior period error - underdepreciation 200,000 What is the comprehensive income for the current year? A. 8,650,000 B. 8,900,000 C. 8,950,000 D. 9,050,000
Discussion Question: The average tax rate is calculated by dividing the total tax payable by the taxable income and it represents the percentage of the income that goes to pay taxes. Consider the following data for two corporations. ABC and XYZ Inc.: Particulars ABC Inc. (Rs.) XYZ Inc. (Rs.) Gross Profit 2,600,000 2.600,000 Administrative Expenses 800,000 800,000 Depreciation Other Income Taxable Income 200,000 500,000 900,000 900,000 2,500,000 2,200,000 Requirements: i. Calculate the average tax rate for both companies. ii. Briefly describe how the above calculations support the notion that depreciation acts as a tax shield. Your answers must be presented in the following format:
6. Complete the table below for the 100% shareholder of the S-corporation. Schedule M-2 Accumulated Schedule M-2 Other Schedule M-2 Earnings and Tax basis in Adjustment Adjustments S-Corp event stock Account Account Profits account Capital gains Amounts on Jan. 1, 2024 30,000 10,000 3,000 20,000 What is the effect if the S-corporation has taxable profit of $50,000 in 2024? What is the effect if the S-corporation makes a $62,000 cash distribution in 2024? What is the effect if the S-corporation makes a $21,000 cash distribution in 2025, and there is no income or loss? What is the effect if the S-corporation makes a $20,000 cash distribution in 2026, and there is no income or loss? What are the balances at the end of 2026?
Calculate Anaheim Corporation's excess net passive income tax in each of the following alternative scenarios: Note: Leave no answer blank. Enter zero if applicable. c. Passive investment income, $100,000; expenses associated with passive investment income, $40,000; gross receipts, $120,000; taxable income if a C corporation, $40,000; corporate Earnings and profit, $0. Excess net passive inocme tax?
Broken Rock LLC was recently formed with the following members: Name Tax Year-End Capital/ Profits % George Allen December 31 33.33% Elanax Corporation June 30 33.33% Elizabeth Cheam December 31 33.34% What is the required taxable year-end for Broken Rock LLC?

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