Citrus Corporation is a calendar year S corporation with the following current year information: Operating loss $(360,000) Liabilities: Notes payable, Big Apple Bank 90,000 Notes payable, Grapefruit (individual) 60,000 On January 1 Grapefruit bought 60% of Citrus Corporation for $135,000. She then loaned Citrus Corporation $60,000 (the amount above under liabilities). How much of the operating loss may Grapefruit deduct currently? Assume the excess business loss limitation does not apply.

During the current year, Elements Corporation has the following transactions: Income from operations            $450,000 Expenses from operations           470,000 Dividends received fromR Corporation *                          150,000 *Elements owns 10% of the stock in R Corporation. How much is Element Corporation’s taxable income (loss) for the year.

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?

St. George, Incorporated reported $711,800 net income before tax on this year’sfinancial statement prepared in accordance with GAAP. The corporation’s recordsreveal the following information:Four years ago, St. George realized a $283,400 gain on the sale of investmentproperty and elected the installment sale method to report the sale for taxpurposes. Its gross profit percentage is 50.12, and it collected $62,000 principaland $14,680 interest on the installment note this year.Five years ago, St. George purchased investment property for $465,000 cash froman LLC. Because St. George and the LLC were related parties, the LLC’s $12,700realized loss on the sale was disallowed for tax purposes. This year, St. George soldthe property to an unrelated purchaser for $500,000.A flood destroyed several antique carpets that decorated the floors of corporateheadquarters. Unfortunately, St. George’s property insurance does not coverdamage caused by rising water, so the loss was uninsured. The carpets’…

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The Yellow Corp has $750,000 of debt outstanding, and it pays an interest rate of 8% annually. Its annual sales are $2.25 million, its average tax rate is 25%, and its net profit margin on sales is 12%. The company has depreciation expense of $27,000 with no amortization. What is the EBITDA coverage for Yellow Corp? O 7.38x 0742 O 745x 07.34x

The following information is available for Hunt Company after its first year of operations: Income before taxes                                                     $250,000 Federal income tax payable                   $104,000 Deferred income tax                               (4,000) Income tax expense                                                       100,000 Net income                                                                  $150,000 Hunt estimates its annual warranty expense as a percentage of sales. The amount charged to warranty expense on its books was £95,000.  Assuming a 40% income tax rate, what amount was actually paid this year for warranty claims?

applies to the questions displayed below.] Lone Star Company is a calendar-year corporation, and this year Lone Star reported $104,000 in current E&P that accrued evenly throughout the year. At the beginning of the year, Lone Star's accumulated E&P was $12,480. Lone Star declared $31,200 in cash distributions on each of the following dates: April 1, July 1, October 1, and December 31. Note: Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign. b. Suppose that Matt owned all Lone Star's shares at the beginning of the year and sold half of the shares to Chris on June 1st for $41,600. How much dividend income will Matt recognize this year? Answer is complete but not entirely correct. Dividend recognized $ 166,400 X

During the current year, Swallow Corporation, a calendar year C corporation, has the following transactions: Income from operations $660,000 Expenses from operations 760,000 Dividends received from Brown Corporation 240,000 Click here to view the dividend received deduction table. Question Content Area a. Swallow Corporation owns 12% of Brown Corporation's stock. How much is Swallow's taxable income or NOL for the year? Swallow's taxable income after deducting the dividends received deduction is $fill in the blank fd6fd0f8303e049_2 . Feedback Area Feedback The purpose of the dividends received deduction is to mitigate multiple taxation of corporate income. Without the deduction, income paid to a corporation in the form of a dividend would be taxed to the recipient corporation with no corresponding deduction to the distributing corporation. Later, when the recipient corporation paid the income to its shareholders, the income would again be subject to taxation with no corresponding…

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