Universal is a holding company Universal owns 10% of the shares of GBR Corp, 30% of the shares of NBE Corp, and 80% of the shares of GRT Corp Manu is the controlling sharhiders Universal company, and owns 90% of the shares of Universal. With respect to the associations of these corporations, which of the following is correct? Choose the correct answer OA Manu indirectly owns 9% of GBR Corp, 27% of NBE Corp, and 100% of BRT Corp OB Manu indirectly owns 0% of GBR Corp, 0% of NBE Corp, and 100% of BRT Corp OC. Manu is associated with BRT Corp as per ITA 256(1)(b) OD Universal and BRT Corp are associated as per ITA 256(1)(a)

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 Sharon Carol Josey Incorporated Corporation Corporation State X State Y State Z (throwback) (throwback) (nonthrowback) $ 525 $ 595 $ 1,830 46,500 78,500 Business Income 29,300 16,900 69,500 State X 65,750 14,500 b. Calculate the business income apportioned to State X. 43,250 18,500 52,500 20,200 21,600 86,500 17,900 55,250 14,200 14,300 6,850 39,750 40,500 6,200 Janice Corporation State Z (nonthrowback) $ 530 19,500…

Frog Corporation is owned equally by Sandy, her husband Tom, her daughter Caitlin, and her grandmother, Martha. Each shareholder owns 200 shares in the company. Under the family attribution rules, how many shares of Frog stock is Sandy deemed to own? Multiple Choice 200 400 600 800

In early 2019, X acquired share ownership of 2 entities, namely Y and Z with the following information:  • X acquired 30% of shares in Y, of which X previously owned 40% of Y's shares. Based on the analysis conducted by X, the additional 30% ownership of the shares resulted in X having control over Y.  • X acquired 20% of Z's shares, of which X previously owned 60% of Z's shares. Based on the analysis carried out by X, X has control over Z. retains control over Z.    Towards the end of 2020, X sold part of its ownership in both companies, with the following information:  • X sells 15% of its ownership in Y shares. Based on the analysis conducted by X, the sale does not cause X to lose control over Y.  • X sells 40% of its ownership in Z shares. Based on the analysis conducted by X, the sale causes X to lose control over Z.    Explain how the accounting treatment for X for ownership of Y and Z when: 1. Acquisition of additional shares in early 2019. 2. Sale of partial ownership towards…

Max owns 60% of Big Bang Ltd. and owns 60% of Beta Inc. Hence, they are associated. Max owns 20% of Alpha Ltd. and 10% Tiny Bang Ltd., which is not an associated company. Each of the four corporations has $400,000 of active business income earned in Canada. What is the maximum small business deduction combined (i.e., total combined SBD deduction of all four companies) that the four corporations can claim on corporate income? Group of answer choices $1,300,000 $1,200,000 $1,600,000 $1,500,000

Mary Phelps owns 2,000 of the 100,000 shares of Mega Corporation. By purchasing a minimum of the additional 50,000 shares authorized by the corporation, Mary is exercising her_ shares of

A VIE has three equity holders, Equity Holder 1 owns 20% of the C/S. Equity holder 2 owns 30% of the C/S and equity holder 3 owns 50% of the C/S. Each of the equity holders has 2 votes on a 6-person board. The board makes all decisions affecting the VIE’s policies and practices. Determine which party, if any, is the primary beneficiary and explain briefly why.

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This year, GHJ, Incorporated received the following dividends:BP, Incorporated (a taxable California corporationin which GHJ holds a 4% stock interest) MN, Incorporated (a taxable Florida corporation in which GHJ holds a 53% stock interest)$ 20,90082,600AB, Incorporated (a taxable French corporation in which GHJ holds a 30% stock interest)20,900Required:Compute GHJ's dividends-received deduction.