Determine 2022 taxable income in each of the following instances. Assume that the corporation is a C corporation and that book income is before any income tax expense. Required: a. Book income of $58,000 including capital gains of $4,500, a charitable contribution of $1,000, and nonrestaurant meals expenses of $7,000. b. Book income of $100,000 including capital losses of $5,500, a charitable contribution of $13,600, and restaurant meals expenses of $1,700. c. Book income of $84,000 including municipal bond interest of $1,700, a charitable contribution of $4,700, and dividends of $2,400 from a 10% owned domestic corporation. The corporation also has an $6,700 charitable contribution carryover. d. Book income of $137,000 including municipal bond interest of $1,550, a charitable contribution of $3,850, and dividends of $6,200 from a 70% owned domestic corporation. The corporation has a capital loss carryover of $4,850 and a capital gain of $1,700 in the current year. Answer is not complete. Amount $ 61,500 a. Taxable income $ 103,240 b. Taxable income c. Taxable income Tavable income Activate Windows.
Determine 2022 taxable income in each of the following instances. Assume that the corporation is a C corporation and that book income is before any income tax expense. Required: a. Book income of $58,000 including capital gains of $4,500, a charitable contribution of $1,000, and nonrestaurant meals expenses of $7,000. b. Book income of $100,000 including capital losses of $5,500, a charitable contribution of $13,600, and restaurant meals expenses of $1,700. c. Book income of $84,000 including municipal bond interest of $1,700, a charitable contribution of $4,700, and dividends of $2,400 from a 10% owned domestic corporation. The corporation also has an $6,700 charitable contribution carryover. d. Book income of $137,000 including municipal bond interest of $1,550, a charitable contribution of $3,850, and dividends of $6,200 from a 70% owned domestic corporation. The corporation has a capital loss carryover of $4,850 and a capital gain of $1,700 in the current year. Answer is not complete. Amount $ 61,500 a. Taxable income $ 103,240 b. Taxable income c. Taxable income Tavable income Activate Windows.
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter13: Corporations: Earning & Profits And Distributions
Section: Chapter Questions
Problem 13P
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