The Storm Corporation, a calendar year taxpayer, incurred the following items.  Compute Storm's net operating loss.   Operating Income - $300,000 Operating Expenses - $350,000 Dividend Received  (30% ownership) - $100,000     $30,000       $50,000       $20,000       None of the other answers

None

Bourne Guitars, a corporation, reported a $157,000 net §1231 gain for year 6 1.) Assuming Bourne reported $50,000 of nonrecaptured net §1231 losses during years 1–5, what amount of Bourne’s net §1231 gain for year 6, if any, is treated as ordinary income? 2.) Assuming Bourne’s nonrecaptured net §1231 losses from years 1–5 were $200,000, what amount of Bourne’s net §1231 gain for year 6, if any, is treated as ordinary income?

4a

On June 30, Pronghorn Corp discontinued its operations in Mexico. During the year, the operating income was $270,000 before taxes. On September 1, Pronghorn disposed of the Mexico facility at a pretax loss of $670,000. The applicable tax rate is 30%. Show the discontinued operations section of Pronghorn’s income statement. PRONGHORN CORPPartial Income Statement select an opening section name                                                                enter an income statement item                                                              $enter a dollar amount enter an income statement item                                                              $enter a dollar amount     $enter a total dollar amount

Bayelsa Corp. had the following transactions in the current year: Short term capital gain Short term capital loss Long term capital gain Long term capital loss If Bayelsa has taxable income of $70,000 before considering the capital transactions, what is Bayelsa's net capital loss that cannot be deducted in the current year? O SO $12,000 -$3,000 $5,000 -$16,000 O $19,000 net capital loss O $11,000 net capital loss O $2,000 net capital loss

A corporation loses $150,000 from operations. It receives $200,000 in dividend s from a 20%- owned corporation. Required: 1) compute taxable income before deduction for dividend received; 2) compute the full dividend received deduction; 3) compute taxable income after the dividend- received ; 4) compute NOL ( if applicable).

None