Coattail Corporation (CC) manufactures and sells women's and children's coats. This year, CC do 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 $10. aritable contribution

A corporation receives no dividends for the year and has no carryovers into the year. Its taxable income before any charitable contribution was $80,000. It donates land held for several years worth $50,000 in which it has a basis of $15,000. What would the deductible amount of the contribution be if the taxable income of $80,000 was after deducting a capital loss carryforward of $5,000 into the current year.

Mang Carlo is a balut vendor. For the taxable year year, he earned 180,000 from selling  balut. Mang Carlo also operates a water refilling station. His income from this activity for  the taxable year is 200,000. He also lends money to his neighbors and friends in which  activity he earned 50,000 interest income for the taxable year.  How much income is non-taxable?  How much is the total income subject to regular income tax?  How much income is subject to final tax?

The information for 2019 was disclosed by Mr. Asta, a resident citizen:800,000 pesos is the business's gross revenue. A maximum of P 600,000 in business costs may be deducted (excluding contributions) Contributions to charities: To the government for P 50,000 in urgent activities P60,000 to the government for non-priority public reasons 15,000 P. to the church What is the net income taxable?

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 [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

In 2022, OCC Corporation made a charitable donation of $400,000 to the International Rescue Committee (a qualifying charity). For the year, OCC reported taxable income of $1,500,000 before deducting any charitable contributions, before deducting its $20,000 dividends-received deduction, and before deducting its $40,000 NOL carryover from last year. Required: a. What amount of the $400,000 donation is OCC allowed to deduct for tax purposes in 2022, what is the carryover to 2023, and when does the carryover expire? b. Assume that in 2023, OCC did not make any charitable donations and that it is allowed to deduct its full charitable contribution carryover, if any, from 2022. What book-tax difference associated with the charitable contributions will OCC report in 2023? Is the difference favorable or unfavorable? Is it permanent or temporary? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required A Required B What amount of…

Maple Corp. owns several pieces of highly valued paintings that are on display in the corporation's headquarters. This year, it donated one of the paintings valued at $100,000 (adjusted basis of $25,000) to a local museum for the museum to display.     a. What is the amount of Maple Corp.'s charitable contribution deduction for the painting (assuming income limitations do not apply)?     Charitable contribution deduction

On December 28, 2021, the board of directors of Talon Corporation, a calendar year, accrual method C corporation, authorized a contribution of land to a qualified charitable organization. The land (basis of $75,000, fair market value of $125,000) was acquired five years ago and held as an investment. For purposes of the taxable income limitation applicable to charitable deductions, Talon has taxable income of $800,000 and $950,000 for 2021 and 2022, respectively. Describe the tax consequences to Talon Corporation under the following independent situations: A. The donation is made on February 15, 2022. B. The donation is made on May 10, 2022.