Required information [The following information applies to the questions displayed below.] Sharon Incorporated is headquartered in State X and owns 100 percent of Carol Corporation, Josey Corporation, and Janice Corporation, which form a single unitary group. Assume sales operations are within the solicitation bounds of Public Law 86-272. Each of the corporations has operations in the following states: Domicile State Dividend income Business income Sales: State X Sales: State Y Sales: State Z Sales: State A Sales: State B Property: State X Property: State Y Property: State Z Property: State A Payroll: State X Payroll: State Y Payroll: State Z Payroll: State A Business Income Sharon Carol Incorporated Corporation State X State Y (throwback) (throwback) $ 315 $ 1,240 69,200 93,000 State X 24,800 19,600 65,500 63,500 14,300 b. Calculate the business income apportioned to State X. 42,500 10,900 56,500 28, 200 22,100 102,500 13,000 57,000 Josey Corporation State Z (nonthrowback) $ 375 16, 200 13,400 5,600 27,750 29, 250 6,500 Janice Corporation State Z (nonthrowback) $ 515 17,400 13,500 14,400 14,500 15,700 Compute the following for State X assuming a tax rate of 15 percent. Note: Use an equally weighted three-factor apportionment. Round all apportionment factors to 4 decimal places. Round other answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable. 28,750 11,500 15,100

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Use the following facts for Multiple Choice problems 18-20. Each of the problems is independent of the other. Assume a parent company owns a 100% controlling interest in its long-held subsidiary. The following excerpts are from the parent's and subsidiary's "stand alone" pre-consolidation income statements for the year ending December 31, 2022, prior to any investment bookkeeping or intercompany adjustments: Revenues.. Cost of goods sold Gross profit.. Selling general & administrative expenses. Net income. Parent Subsidiary $5,200,000 $3,250,000 (3,640,000) (1,950,000) 1,560,000 (1,014,000) $546,000 a. b. 1,300,000 (787,800) $ 512,200 On January 1, 2022, neither company held any inventories purchased from the other affiliate. All of the sales made by either company have the same gross margin regardless of whether they are made to affiliates or non-affiliates. The subsidiary declared and paid $260,000 of dividends during 2022. 18. Pre-consolidation bookkeeping, downstream intercompany…

Gardner Corp. owns 80% of the voting common stock of Lockhart Co. Lockhart owns 70% of Canning Co. Gardner and Lockhart both use the initial value method to account for their investments. The following information is available from the financial statements and records of the three companies: Separate company net income before investment income Dividend income from investment in subsidiary Deferral of intra-entity gains Amortization expense related to excess fair value over book value of investment Gardner Lockhart Corp. Co. $900,000 $650,000 $150,000 250,000 120,000 110,000 80,000 What amount should be reported for consolidated net income? 40,000 Canning Co. 20,000 25,000 Separate company net income includes intra-entity gains before the consolidating deferral but does not include dividend income from investment in subsidiary.

Which of the following dividends received by lon Corp. would NOT be subject to Part IV tax? O A. Dividends received from a wholly owned subsidiary of lon Corp. and, as a result of distributing this dividend, the wholly owned subsidiary received a dividend refund of $5,000. O B. Dividends received from lon Corp.'s portfolio of investments that are deductible in the calculation of taxable income for lon Corp. O C. Dividends received from an unconnected company that is deductible in the calculation of taxable income for lon Corp. O D. Dividends received from a wholly owned subsidiary of lon Corp. and the wholly owned subsidiary did not receive a dividend refund in the current year.

Kent Ltd owns all the share capital of Lodh Lta. That is, Lodh Ltd is a wholly own subsidiary of Kent Ltd. Requirea: In relation to the following intro-group transactions, prepare the consolidation worksheet aajusting entries for the preparation of consolidatea financial stoatements as of 30 June 2020. AJll parts are independent unlesS specified. Assume an income tax rate of 30% and that all income on sale of assets is taxable and expenses are deductible. a. On 1 January 2020, Kent Ltd sold inventory costing $10,000 to Lodh Ltd at a transfer (sole) price $16,.000. Loah Ltd sold half of this inventory to an external party for $10,000 (i.e., naif of the inventory is remoined with Lodh Ltd at the end of the year). b. During March 2018, Lodn Lta paid a $5,500 interim oaividend. C. Kent Ltd rented a spare warehouse to Lodh Lta. The total charge for the rental was $6,000. Loah Ltd paid the whole amount to Kent Ltd during the year. a. On 1 July 2019, Kent Ltd sold an item of plant costing $15…

An important distinction of a benefit corporation is Select one: O a. limited to 100 shareholders O b. Unlimited liability of owners A O c. lower tax rates than regular corporations O d. Flexibility regarding transfer of ownership

Case Study: Tax Accounting for S Corporations   ABC Inc. is a small business operating as an S Corporation in the United States. As an S Corporation, ABC Inc. enjoys pass-through taxation, where profits and losses are passed through to the shareholders and reported on their individual tax returns. This taxation structure offers certain advantages and complexities that require careful consideration.   ABC Inc. operates in the retail sector, specializing in selling artisanal home decor items. The company has three shareholders: John, Sarah, and Michael. John holds 50% of the company's shares, while Sarah and Michael each hold 25%. Each shareholder is actively involved in the day-to-day operations of the business.   In the current tax year, ABC Inc. reported a net profit of $200,000. The company incurred various expenses, including operating expenses, salaries for employees, rent for the retail space, and marketing expenses. Additionally, ABC Inc. made distributions to its…

Ee.6.   Step by step answer please...

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