Champ received a $13,200 distribution from NeatCo, a U.S. C corporation. NeatCo's earnings and profits for the year totaled $7,920. How much dividend income does Champ recognize?
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- For the following independent cases, determine whether economic income is present and, if so, whether it must be included in gross income (i.e., is it realized and recognized for tax purposes?). Note: Leave no answers blank. Enter zero if applicable. Required: Asia owns stock that is listed on the New York Stock Exchange, and this year the stock increased in value by $15,250. Ben sold stock for $10,500 and paid a sales commission of $210. Ben purchased the stock several years ago for $4,200. Bessie is a partner in SULU Enterprises LLC. This year SULU reported that Bessie's share of rental income was $2,850 and her share of municipal interest was $800.From the given data below, how much is the final tax on the dividend earned by Cruz? ZAX Corporation, a domestic corporation, declared a P1,000,000 dividend for the current period 2021. The following are some stockholders of ZAX: Stockholder Description Ownership De Guzman Resident citizen 10% Cruz ABC Corporation DEF Corporation Non-resident alien engaged in business in the Philippines Domestic corporation Nonresident foreign corporation 15% 30% 10% a. P15,000 b. P30,000 с. Р37,500 d. No final taxDetermine how much of the distribution is taxed as dividend income and how much is a return of capital. The IB corp has accumulated E&P of $20000 on 1/1/20xx. During the year there is a deficit in E &P of $30000 earned evenly through out the year. On July 1, of 20xx BI corp. Distributes $12000 in cash to Maximo it's only shareholder.
- Jock (LTD) is a manufacturer of Stationery. The Following information is given regarding Jock Ltd for 2021 and 2022 Income tax Expense for 2021 is R9 565 and for 2022 is R8 575 The Income tax for 2021 according to the final assessment for SARS is R9 800.00 Total Dividends declared for 2021 is R5 000. The dividends tax rate is 15% Prepare the journal entries for the year ended 31 December 2021 and 2022 (Include journal narrations)Martin Company has 500k in taxable income, 50k in interest income, 100k in dividend income. Using the corporate tax rate table, what is the company's tax liability for the year?On January 1, year 5, Olinto Corp., an accrual basis, calendar year C corporation, had $35,000 in accumulated earnings and profits. For year 5, Olinto had current earnings and profits of $15,000 and made two $40,000 cash distributions to its shareholders, one in April and one in September of year 5. What amount of the year 5 distributions is classified as dividend income to Olinto’s shareholders? a.$15,000 b.$35,000 c.$50,000 d.$80,000
- On 30 June 2022, ABM Ltd (an Australian resident company) recorded sales income of $40,000 and had allowable deductions of $36,000. It also received a dividend of $20,000 that was franked to 80%. Required: Calculate ABM Ltd's tax payable or refundable. Show all calculations.Cablephones Inc., which is not a member of an affiliated group, had gross income from operations of $390,000 and deductible expenses of $475,000. Dividends of $300,000 were received from more than 20 percent owned U.S. corporations. What is the dividends-received deduction? What would the dividends-received deduction be if the deductible expenses were $500,000?As of the end of the current tax year, Mad Corp. has accumulated E&P of $31,000 and current E&P of $1,000. At the end of the year, Mad Corp. distributes $50,000 to its sole shareholder, Mary, whose stock basis is $10,000 (before the distribution). What amount of the distribution is treated as a dividend?
- Gis a cash basis consultant.His balance sheet at the end of the year shows receivables of $100 and accounts payable for utilities of $30. What is G's basis in the receivables? If G transfers the receivables to a new corporation in exchange for 100% of the stock and the corporation assumes the liabilities is G taxed on the transfer?Banana Company reports current year E&P of $1,300,000 and accumulated E&P at the beginning of the year of $1,200,000. Banana Company distributed $3,400,000 to its shareholders on the last day of the year. Tax basis in her Banana stock before the distribution is $500,000. a) How much of the $3,400,000 distribution is treated as a dividend? b) What is the tax basis in Banana Company stock after the distribution (assume a single shareholder owns all stock)? c) What is Banana Company's accumulated E&P on the first day of next year? d) How much of the $3,400,000 distribution is treated as capital gain? he Cranberry Corporating.You bought 1,000 shares of Tund Corp. stock for $90.03 per share and sold it for $60.59 per share within the same year. How will your gain or loss be treated when you file your taxes? O As a capital loss deducted from current taxable income O As a capital gain taxed at the current ordinary-income tax rate OAs a capital loss taxed at the long-term tax rate O As a capital loss deducted from taxable income in the year that the loss is realized