What is the amount of Jazz's dividends received deduction on the dividend it received from Williams Corp.?

Global Corporation distributed property with an $543,000 fair market value and a $298,650 adjusted basis to one of its shareholders. The property was subject to a $164,258 mortgage, which the shareholder assumed. Global has ample E & P to cover any distribution made during the year. What is the amount of the shareholder's dividend income on the distribution? 378,742 What is the shareholder's basis in the property received?

X Corp, a personal holding company, is owned by two individuals and has gross income as follows: $30,000 gross profits from sales, tax-exempt interest of $3,000, dividends of $5,000 from a 10% owned corporation, and taxable interest of $40,000. What is the amount of X Corp's personal holding company income?

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Landry owns 50 of 250 outstanding shares of Kelly Manufacturing corporation. How many of Landry’s shares must be redeemed in order for the redemption to qualify as disproportionate? Assume that Kelly Manufacturing corporation has $100,000 in current earnings & profits, has no accumulated e&p, and there were no dividends or other distributions this year.  If Landry’s stock is redeemed for $15,000 on December 31, what is the effect on earnings and profits?

Marathon Incorporated (a C corporation) reported $1,000,000 of taxable income in the current year. During the year, it distributed $100,000 as dividends to its shareholders as follows: • $5,000 to Guy, a 5 percent individual shareholder. • $15,000 to Little Rock Corporation, a 15 percent shareholder (C corporation). • $80,000 to other shareholders. Complete Form 1120 Schedule C for Little Rock Corporation to reflect its dividends-received deduction (use the most recent Form 1120 Schedule C available). (Use the 2021 tax rules regardless of the year on the form.)

Global Corporation distributed property with an $213,000 fair market value and a $117, 150 adjusted basis to one of its shareholders. The property was subject to a $64, 433 mortgage, which the shareholder assumed. Global has ample E & P to cover any distribution made during the year. What is the amount of the shareholder's dividend income on the distribution? $fill in the blank 1 What is the shareholder's basis in the property received? $fill in the blank 2

Nail Corporation made a distribution of $589, 110 to Rusty in partial liquidation of the company on December 31 of this year. Rusty, an individual, owns 100 percent of Nail Corporation. The distribution was in exchange for 50 percent of Rusty's stock in the company. At the time of the distribution, the shares had a fair market value of $219 per share. Rusty's tax basis in the shares was $ 50 per share. Nail had total E&P of $8,485,000 at the time of the distribution. a. What are the amount and character (capital gain or dividend) of any income or gain recognized by Rusty because of the partial liquidation? Capital gain/ Dividend . . . . . . . ./ per share b. Assuming Nail made no other distributions to Rusty during the year, by what amount does Nail reduce its total E&P because of the partial liquidation?

T corporation (E & P $800,000) has 1,000 shares of stock outstanding. The shares are owned as followed: James 600 shares; Stephanie (James's sister) 300 shares; Luke (James son) 100 shares. T corporation owns land (basis of 300,000, FMV of $260,000) that it purchased as an investment years ago. James had a basis of $275,000 in his shares. What are the tax consequences for both T corporation and James if the distribution is: A. A qualified stock redemption B. A liquidating distribution

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 not complete. Complete this question by entering your answers in the tabs below. WC's taxable income (loss) without the dividend income or the DRD is $10,000. Wasatch Corporation (WC) received a…