Coattail Corporation (CC) manufactures and sells women's and children's coats. This year, CC d qualified public charity. The charity distributed the coats to needy women and children througho of the contribution, the fair market value of each coat was $80. Determine the amount of CC's charitable contribution (the taxable income limitation does not ap assuming the following: 's adjusted basis in each coat was $30. aritable contribution

Wellness, Inc., a § 501(c)(3) organization, makes lobbying expendi- tures of $340,000 this year. Charitable expenditures were $600,000 for the first six months of the year and $950,000 for the last six months of the year. Determine the Federal income tax consequences to Wellness if: It does not make the § 501(h) lobbying election. It does make the § 501(h) lobbying election.

Robin, a C corporation, had revenues of $417,500 and operating expenses of $75,000.  Robin also received a $20,000 dividend from a domestic corporation and is entitled to a $10,000 dividend-received deduction.  Robin donated $50,000 to a qualified charitable organization in the current year.  What is Robin's contribution deduction A. $34,250 B. $35,250 C. $36,250 D. $50,000 17. A nonliquidating distribution from a C corporation may be treated by the shareholder as each of the following except A. Ordinary income. B. Nontaxable return of capital. C. Capital gain. D. Capital loss 23.A C corporation had accumulated negative earnings and profits (E&P) of $15,000 at the beginning of Year 4.  Year 4's current E&P is $10,000.  On the last day of Year 4, the corporation made a $12,500 cash distribution to its shareholders.  Assuming the shareholders have sufficient basis, what amount of the distribution is reported as a nontaxable return of…

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Required information Skip to question   [The following information applies to the questions displayed below.]   Emily, who is single, has been offered a position as a city landscape consultant. The position pays $143,000 in cash wages. Assume Emily has no dependents. Emily deducts the standard deduction instead of itemized deductions, she is not eligible for the qualified business income deduction, and she did not make any charitable donations. (Use the tax rate schedules.)   a. What is the amount of Emily’s after-tax compensation (ignore payroll taxes)? (Round your intermediate calculations and final answers to the nearest whole dollar amount.) 2021 Tax Rate Schedules IndividualsSchedule X-Single If taxable income is over: But not over: The tax is: $          0 $    9,950 10% of taxable income $    9,950 $  40,525 $995 plus 12% of the excess over $9,950 $  40,525 $  86,375 $4,664 plus 22% of the excess over $40,525 $  86,375 $ 164,925 $14,751 plus 24% of the excess…

For each of the following organizations, determine its UBTI and any related UBIT. a. AIDS, Inc., an exempt charitable organization that provides support for indivi- duals with AIDS, operates a retail medical supply store open to the general public. The net income of the store, before any Federal income taxes, is $305,000. b. Andrew Episcopal Church operates a retail gift shop. The inventory consists of the typical items sold by commercial gift shops in the city. The director of the gift shop estimates that 80% of the gift shop sales are to tourists and 20% are to church members. The net income of the gift shop, before the salaries of the three gift shop employees and any Federal income taxes, is $300,000. The salaries of the employees total $80,000. c. Innovation University, Inc., a private institution, has placed vending machines in the student dormitories and academic buildings on campus. In recognition of recent tuition increases, the university has adopted a policy of merely trying…

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X Corporation allows its sales manager to incur expenses subject to reimbursements, as follows: Electricity – 70% in the name of the company Water – 70% in the name of the company Grocery – personal Gasoline – company car Representation and transportation – business trip P20,000 2,000 10,000 12,000 4,000 What is the amount subject to fringe benefit tax? 15,400 16,600 25,400 48,000 None of the above

! Required information [The following information applies to the questions displayed below.] George and Wanda received $28,100 of Social Security benefits this year ($10,500 for George; $17,600 for Wanda). They also received $4,550 of interest from jointly owned City of Ranburne Bonds and dividend income. What amount of the Social Security benefits must George and Wanda include in their gross income under the following independent situations? Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable. d. George and Wanda file married joint and receive $15,600 of dividend income from stocks owned by George. Amount to be included in gross income $ 20,150

Michele Walsh is considering an additional charitable contribution of $4,200 to a tax-deductible charity, bringing her total itemized deductions to $12,500. If Michele is single, is in a 35 percent tax bracket, and is not subject to a phase out of deductions, how much will this $4,200 contribution reduce her taxes? (Round your answer to the nearest whole number.) Multiple Choice $1,595 $4,375 $4,200 $1,470 $0