Sparks Corporation receives a dividend of $100,000 from Jill Corporation, a C corporation. Sparks owns 70% of Jill Corporation stock. Spark's dividend received deduction is: A. $65,000 B. $100,000 C. $80,000
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- 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…The Dawg corporation owns 16% of Company A and 25% of Company B. Dividends received from Company A were $142,000 and from Company B were $237,000. If Dawg's "adjusted" taxable income is $2,000,000, calculate Dawg's taxable income after including the dividend information. A В C D E 1 2 Taxable Income = 3 4 6 7 8 10Jazz Corporation owns 50% of the Williams Corp. stock. Williams distributed a $30,000 dividend to Jazz Corporation. Jazz Corp's taxable income before the dividend was $102,000. What is the amount of Jazz's dividends received deduction on the dividend it received from Williams Corp.? Multiple Choice ___ $0. ___ $15,000. ___ $19,500. ___ $30,000.
- Determine the amount of the dividends received deduction in each of the followinginstances. In all cases, the net income figure includes the full dividend.a. Dividend of $10,000 from a 45% owned corporation; taxable income before DRDof $50.000.b. Dividend of $19.000 from a 15% owned corporation;taxable income before DRD of$75.000.c. Dividend of $22,000 from a 60% owned corporation; taxable income before DRD ofSI1.000.d. Dividend of $8.000 from a 10% owned corporation; taxable income before DRD of$7.000.Craig received a $25,000 distribution from Yellow Corporation that the corporation identified as $15,000 dividend and $10,000 return of capital. What effect does this distribution have on Craig’s taxable income if his basis in the stock of Yellow is $8,000? a. Increase of $25,000 b. Increase of $17,000 c. Increase of $15,000 d. Increase of $10,000 Samuel Co. has had taxable income of $450,000, $570,000, $760,000 and $680,000 in years 2013 through 2016, respectively. What were the equal minimum quarterly estimated tax payments for 2016 that Samuel Co. should have made in 2016 to avoid any penalty? a. $58,000 b. $64,676 c. $57,676 d. $170,000 Which of the following is not a separately stated item on a partnership’s Schedule K? a. A $5,000 long---term capital loss b. $20,000 of unrecaptured Section 1250 c. $3,000 charitable contribution d. $5,000 bond interest e. All are separately stated. Ryan is a 30 percent general partner in ABC Partnership. His basis in his partnership interest at…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. 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 $. b. Assume instead that Swallow Corporation owns 26% of Brown Corporation's stock. How much is Swallow's taxable income or NOL for the year?Swallow's NOL after deducting the dividends received deduction is $.
- Its not 10,000 www. Wasatch Corporation (WC) received a $200,000 dividend from Tager Corporation (TC). WC owns 15 percent of the TC stock. Compute WC's deductible dividends-received deduction (DRD) in each of the following situations: Required: a. WC's taxable income (loss) without the dividend income or the DRD is $10,000. b. WC's taxable income (loss) without the dividend income or the DRD is $(10,000). c. WC's taxable income (loss) without the dividend income or the DRD is $(99,000). d. WC's taxable income (loss) without the dividend income or the DRD is $(101,000). e. WC's taxable income (loss) without the dividend income or the DRD is $(500,000). f. What is WC's book-tax difference associated with its DRD in part (a)? 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 Required C Required D Required E Required F WC's taxable…assignment Griffin Corporation received $60,000 of dividend income from Eagle, Inc. Griffin owns 6 percent of the outstanding stock of Eagle Griffin's marginal tax rate is 21 percent. a. Calculate Griffin's allowable dividends-received deduction and its after-tax cash flow as a result of the dividend from Eagle. b. How would your answers to requirement a change if Griffin owned 55 percent of the stock of Eagle? c. How would your answers to requirement b change if Griffin owned 85 percent of the stock of Eagle? Complete this question by entering your answers in the tabs below. Required A Required B Required C Dividends-received deduction After-tax cash flow Saved Calculate Griffin's allowable dividends-received deduction and its after-tax cash flow as a result of the dividend from Eagle. Required A Required B >In each of the following independent situations, determine the dividends received deduction for the calendar year C corporation. Assume that Oak Corporation owns 25%, Elm owns 15% and Mahogany owns 60% of the stock in the corporations paying the dividends. OakCorporation ElmCorporation MahoganyCorporation Income from operations $650,000 $900,000 $825,000 Expenses from operations (525,000) (1,050,000) (830,000) Qualifying dividends 160,000 160,000 160,000 Click here to view the dividend received deduction ownership percentages and corresponding deduction percentage. a. The dividends received deduction for Oak Corporation is b. The dividends received deduction for Elm Corporation is c. The dividends received deduction for Mahogany Corporation is
- Jazz Corporation owns 10% of the Williams Corp. stock. Williams distributed a $28,000 dividend to Jazz Corporation. Jazz Corp's taxable income (loss) before the dividend was ($3,800). What is the amount of Jazz's dividends received deduction on the dividend it recelved from Williams Corp.? Multiple Choice $0. $12,100. $14,000. $21,350. None of the choices is correct.orange cooperation a calendar year C cooperation, owns stock in white cooperation and has net operating income of $400,000 for the current year. white cooperation pays orange a dividend of $60,000. what amount of dividends received deductions may orange claim if it owns 45% of white stock ( assuming orange dividends received deductions is not limited by its taxable income)?. a. $30,000b. $39,000c. $42,000 d. $60,000A, Inc. has 1,000 shares of common stock outstanding. These shares are owned by M (600 shares) and S (400 shares). A, Inc. has current & accumulated eamings & profits of $15,000,000. A, Inc. faces a marginal tax rate of 21%, All 100 shares owned by S were redeemed. The redemption price paid was land (FMV-$1.200,.000; cost basis - $500,000) plus cish of $2.300.000/Spaid 57000 for each share of has stock when be acquired it five years ago. M is the mother of S. What are the tax results of the redemption to S? $3.500,000 Dividend $700.000 Long-term Capital Gain No Gain Recognized $3.500,000 Long-term Capital Gain Under a plan of complete liquidation, Key Corporation distributes land (not a dasqualified property) with an adjusted basis of S410,000 and an FMV of $300,000 for all Sharon's stock. Sharon's basis in her 5% interest in the Key stock is s250.000. Find Shuaren's gain or loss and Key Corporation's recognized gain or loss O Recognized Gain/Loss Recognized Gain/Loss 50 $160,000…