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- Gray, Inc., a C corporation, has taxable income from operations of 1,452,000 for 2019. It also has a net long-term capital loss of 355,000 from the sale of a subsidiarys stock. The year 2019 is the first year in the last 10 years that Gray has not had at least 500,000 per year of net long-term capital gains. What is Grays 2019 taxable income? What, if anything, can it do with any unused capital losses?On January 1, 2023, Kinney, Inc., an S corporation, reports $4,000 of accumulated E & P and a balance of $10,000 in AAA. Kinney has twor shareholders, Erin and Frank, each of whom owns 500 shares of Kinney's stock. Kinney's nonseparately stated ordinary income for the year is $5,000. Kinney distributes $6,000 to each shareholder on July 1, and it distributes another $3,000 to each shareholder on December 21. How are the shareholders taxed on the distributions? Ignore the 20% QBI deduction. Round any division to five decimal places. If required, round final answers to the nearest dollar. Erin and Frank each report December 21 distribution. Assuming tax-free 1,000 dividend income for the July 1 distribution and s X each for the that the shareholders have sufficient basis in their stock, Erin and Frank each receive a X distribution from AAA.On January 1, 2020, Kinney, Inc., an S corporation, reports $11,200 of accumulated E & P and a balance of $28,000 in AAA. Kinney has two shareholders, Erin and Frank, each of whom owns 500 shares of Kinney's stock. Kinney's nonseparately stated ordinary income for the year is $14,000. Kinney distributes $16,800 to each shareholder on July 1, and it distributes another $8,400 to each shareholder on December 21. How are the shareholders taxed on the distributions? Ignore the 20% QBI deduction. Do not round intermediate computations. If required, round your final answers to the nearest dollar. Erin and Frank each report $ 0 x dividend income for the July 1 distribution and $ 0 X each for the December 21 distribution. Assuming that the shareholders have sufficient basis in their stock, both Erin and Frank each receive a tax-free ✓ 0 X distribution from AAA.
- On January 1, 2023, Kinney, Inc., an S corporation, reports $33,600 of accumulated E & P and a balance of $84,000 in AAA. Kinney has two shareholders, Erin and Frank, each of whom owns 500 shares of Kinney's stock. Kinney's nonseparately stated ordinary income for the year is $42,000. Kinney distributes $50,400 to each shareholder on July 1, and it distributes another $25,200 to each shareholder on December 21. How are the shareholders taxed on the distributions? Ignore the 20% QBI deduction. Do not round intermediate computations. If required, round your final answers to the nearest dollar. Erin and Frank each report $ dividend income for the July 1 distribution and $ distribution. Assuming that the shareholders have sufficient basis in their stock, Erin and Frank each receive a tax-free distribution from AAA. $ each for the December 21In 2021, Unreliable Corporation (a C-corporation) had operating income of $1,000,000. It had a NLTCL of$(400,000). In addition, it received a $500,000 dividend from RealGood Corporation. Unreliable owns 22% of the stock of RealGood Corporation. Here is the history of the net long-term capital gains Unreliable had over the past 5 years: a Determine Unreliable Corporation’s taxable income for 2021.b. Determine Unreliable Corporation’s tax liability for 2021c. Assume that Unreliable Corporation is your client. Summarize the tax consequences they have as a result of the various income and gains they earned in 2021.Clampett, Incorporated, converted to an S corporation on January 1, 2020. At that time, Clampett, Incorporated, had cash ($40,000), inventory (FMV $60,000, basis $30,000), accounts receivable (FMV $40,000, basis $40,000), and equipment (FMV $60,000, basis $80,000). In 2021, Clampett, Incorporated, sells its entire inventory for $60,000 (basis $30,000). Assume the corporate tax rate is 21 percent and that Clampett, Incorporated, had a $20,000 net operating loss carryover from its prior C corporation years. How much built-in gains tax does Clampett, Incorporated, pay in 2021?
- The Honeymoon Co. is a Canadian controlled private corporation with active business income of $750,000 in 2020. Dividends were received during 2020 from a taxable Canadlan corporation in the amount of $80,000. The company recognized a $50,000 capital gain during 2020. The company's year-end is December 313t. Additional Information is as follows Net capital loss carry-over from 2019 is $30,000. Non capital loss carry-over from 2019 is $70,000. Required: Calculate the following for the company for the 2020 tax year A. Net income for tax purposes B Taxable income C. Part I Federal Tax - Identify amounts for 1) basic federal tax, 2) federal abatement, 3) refundable tax on investment income, 4) small business deduction, 5) general rate reduction), and 6) the total federal tax.Timpanogos Inc. is an accrual-method, calendar-year corporation. For 2020, it reported financial statement income after taxes of $1,342,000. Timpanogos provided the following information relating to its 2020 activities: Life insurance proceeds as a result of CEO’s death $200,000 Revenue from sales (for both book and tax purposes) $2,000,000 Premiums paid on the key-person life insurance policies. The policies have no cash surrender value. $21,000 Charitable contributions $180,000 Cost of goods sold for book and tax purposes $300,000 Interest income on tax-exempt bonds $40,000 Interest paid on loan obtained to purchase tax-exempt bonds $45,000 Rental income payments received and earned in 2020 $15,000 Rental income payments received in 2019 but earned in 2020 $10,000 Rental income payments received in 2019 but not earned by year-end $30,000 Tax Depreciation $55,000 Book Depreciation $25,000…Clampett, Incorporated, converted to an S corporation on January 1, 2020. At that time, Clampett, Incorporated, had cash ($37,000), inventory (FMV $57,000, basis $24,000), accounts receivable (FMV $37,000, basis $37,000), and equipment (FMV $57,000, basis $77,000). In 2021, Clampett, Incorporated, sells its entire inventory for $57,000 (basis $24,000). Assume the corporate tax rate is 21 percent. Clampett, Incorporated's taxable income in 2021 would have been $1,000,000 if it had been a C corporation. How much built-in gains tax does Clampett, Incorporated, pay in 2021? Multiple Choice O O $9,870 $13,000 $2,730 $0 None of the choices are correct.
- You’re a 40% shareholder of ABC, Inc., an S corporation. ABC’s ordinary busi-ness income for 2019 was exactly $100,000. ABC distributed $20,000 to you in your capacity as a shareholder during 2019. On your 2019 Form 1040, you will report ___ of gross income from ABC. Why is that the correct amount plzzz ans asap.....In the 2022, Crimson, Inc., a calendar C corporation, has income from operations of $180,000 and operating deductions of $120,000. In addition Crimson had: $30,000 of dividends from a 15% stock ownership in a domestic corporation. Capital losses of $20,000 and capital gains of $15,000 Cash charitable contribution to a qualitied charity of $30,000 Calculate Crimson tax liability for 2022In 2023, Avalanche Corporation has $70,000 of net income from operations during the current year. In addition, Avalanche received $180,000 of dividend income from a corporation in which Avalanche has a 35% ownership interest. What is Avalanche's dividends received deduction for 2023?
