a. What amount of ordinary income and separately stated items are allocated to them for year 1 based on the information above? Assume that Falcons Corporation has $200,000 of qualified property (unadjusted basis). Answer is complete but not entirely correct. Ordinary Income Allocated wages Section 179 expense Unadjusted basis of qualified property Distributions Qualified business income Municipal bond income Amount Allocated to Julio Allocated to Milania $ 135,300 $ 67,650 $ 67,650 x 65,000 32,500 32,500 30,000 15,000 15,000 200,000 100,000 100,000 $ 28,000 $ 14,000 $ 14.000 $ 10,000 $ 5,000 $ 5,000 x $ 1,300 $ 650 $ 650

Taxpayer: Domestic Corporation (SME) It year of operation: 2017 Taxable period: 2021 Year 2017 2018 2019 2020 2021 Gross Income 7,000,000 8,000,000 8,000,000 5,000,000 7,000,000 Deductions 8,000,000 7,500,000 6,000,000 6,000,000 5,900,000 Net (1,000,000) 500,000 2,000,000 (1,000,000) 1,100,000 how much corporate income tax should paid in 2021? A. 275,000 B. 50,000 C. 25,000 D. 20,000 E. Zero

Taxpayer: Domestic Corporation engaged in retail business  Taxable year: 8th year of operation  Taxable period data:  Item  IN Sales  2,500,000 Cost of sales  1,000,000 Allowable deductions excluding NOLCO  1,350,000 NOLCO  100,000 Total assets excluding land on which the business  plant/equipment/office is located  10,000,000 Assuming corporation uses itemized deductions, how much is the net taxable income? How much is the regular corporate income tax?  How much income tax should the corporation pay for the taxable year?

A-7

Vishal

Recording NOL Carryforward and Carryback|Carryforward Toner Corporation computed the following: Year 1 taxable income, $10,000; Year 2 taxable loss, $( 40,000). At the end of Year 2, Toner made the following estimates: Year 3 taxable income, $4,000; Year 4 taxable income, $11,000; and Year 5 taxable income, $50,000. On the basis of these estimates, Toner believes the full amount of the tax loss carryforward benefit is more likely than not to be realized. There are no other temporary differences. Tax rates are 25% for Year 1, Year 2, and Year 3; and 30% for Year 4 and Year 5. Net operating loss carryforwards can only offset a maximum of 80% of taxable income in each of the future years. Required   Do not give solution in image format

For each case, calculate Mr. McGowan​'s Net Income​ (Division B​ income). Indicate the amount and type of any loss carry overs that would be available at the end of the current​ year, or state that no carry overs are available.

ParentCo and SubCo report the following items of income and deduction for the current year       Item PC Taxable income SC taxable income income (loss) from operations  $  100,000.00  $  10,000.00 Section 1231 loss  $  (10,000.00)   capital gain     $  12,000.00 Charitable contribution  $    20,000.00  $    1,000.00       compute ParentCo and SubCo's 2022 taxable income or loss computed on a separate basis         ParentCo SubCo a  $    81,000.00  $  22,000.00 b  $    81,000.00  $  21,000.00 c  $    70,000.00  $  22,000.00 d  $    70,000.00  $  21,000.00

Calculate the following for the Corporation that is receiving the properties/services FMV of property received Adjusted basis of property received Applicable basis code section Realized gain (income) on property Recognized gain (income) on property Gain (income) deferred, if present

Required information Skip to question [The following information applies to the questions displayed below.] BCS Corporation is a calendar-year, accrual-method taxpayer. BCS was formed and started its business activities on January 1 of this year. It reported the following information for the year. Indicate BCS's deductible amount for this year in each of the following alternative scenarios. (Leave no answers blank. Enter zero if applicable.) d. In June of this year, a display of BCS’s product located in its showroom fell and injured a customer. The customer sued BCS for $500,000. The case is scheduled to go to trial next year. BCS was required to pay $500,000 to a court-appointed escrow fund this year. If BCS loses the case next year, the money from the escrow fund will be transferred to the customer suing BCS.