Dion, an S shareholder, owned 20% of MeadowBrook's stock for 292 days and 25% for the remaining 73 days in the year. Using the required per-day allocation method, compute Dion's share of the following S corporation items. Assume 365 days in a year. Ordinary income Tax-exempt interest Schedule K Totals Dion's Schedule K-1 Totals $206,000 2,060 300 45,780 X 2,180 X 2.289 X
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- Exercise 15-1 (Algorithmic) (LO. 4) Dion, an S shareholder, owned 20% of Meadow Brook's stock for 292 days and 25% for the remaining 73 days in the year. Using the required per-day allocation method, compute Dion's share of the following S corporation items. Assume 365 days in a year. Ordinary income Tax-exempt interest Charitable contributions Schedule K Totals Dion's Schedule K-1 Totals $182,000 1,820 9,100Dion, an S shareholder, owned 20% of MeadowBrook's stock for 292 days and 25% for the remaining 73 days in the year. Using the required per-day allocation method, compute Dion's share of the following S corporation items. Assume 365 days in a year. Schedule K Totals Dion's Schedule K–1 Totals Ordinary income $176,000 $fill in the blank 1 Tax-exempt interest 1,760 $fill in the blank 2 Charitable contributions 8,800 $fill in the blank 3XYZ Corporation, a calendar year C Corporation, has $100,000 gross business receipts, $5,000 interest income from corporate bonds, $20,000 qualified dividend income from a 5% owned C Corporation, $110,000 business expenses, and $2,000 charitable contribution. How much is XYZ's taxable income (or net operating loss) for the current year?\\n\\nGroup of answer choices\\n\\n$0 Taxable income.\\n\\n$3,000 Taxable income.\\n\\n$6,500 Taxable income.\\n\\n$6,750 Taxable income.
- Problem 13-18 (LO. 2) Penguin Corporation (a cash basis, calendar year taxpayer) recorded the following income and expenses in the current year. Income from services Salaries paid to employees Tax-exempt interest income Dividends from a corporation in which Penguin holds a 12% interest Short-term capital loss on the sale of stock Estimated Federal income taxes paid Gross income Penguin purchased 7-year MACRS property in the current year for $80,000 (current year percentage 14.29%); it did not claim any 5 179 additional first-year depreciation. The property has a 10-year ADR midpoint life. a. Determine taxable income and current E & P for Penguin Corporation. When required, round your answers to the nearest dollar. Less: operating expenses Taxable income before dividends received deduction Less: dividends received deduction Taxable income Show Transcribed Text Taxable income $400,000 70,000 24,000 Add: total additions to E & P 40,000 17,000 110,000 b. Determine Penguin's current E & P.…Exercise 22-14 (Algorithmic) (LO. 6) Dion, an S shareholder, owned 20% of MeadowBrook's stock for 292 days and 25% for the remaining 73 days in the year. Using the required per-day allocation method, compute Dion's share of the following S corporation items. Assume 365 days in a year. Ordinary income Tax-exempt interest Charitable contributions Schedule K Totals Dion's Schedule K-1 Totals $188,000 1,880 9,400During 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…
- Exercise 19-24 (Algorithmic) (LO. 3) On January 1 of the current year, Rhondell Corporation has accumulated E & P of $54,000. Current E & P for the year is $162,000, earned evenly throughout the year. Elizabeth and Jonathan are sole equal shareholders of Rhondell from January 1 to April 30. On May 1, Elizabeth sells all of her stock to Marshall. Rhondell makes two distributions to shareholders during the year: a total of $86,400 ($43,200 to Elizabeth and $43,200 to Jonathan) on April 30 and a total of $151,200 ($75,600 to Jonathan and $75,600 Marshall) on December 31. Determine the allocation of the distributions by completing the table below. Assume that the shareholders have sufficient basis in their stock for any amount that is treated as return of capital. If an amount is zero, enter "0". If required, round any division to two decimal places and use in subsequent computations. Round final answers to the nearest dollar. April 30 distribution of $86,400 December 31 distribution of…Exercise 19-22 (Algorithmic) (LO. 3) On January 1 of the current year, Rhondell Corporation has accumulated E & P of $188,000. Current E & P for the year is $564,000, earned evenly throughout the year. Elizabeth and Jonathan are sole equal shareholders Rhondell from January 1 to April 30. On May 1, Elizabeth sells all of her stock to Marshall. Rhondell makes two distributions to shareholders during the year: a total of $300,800 ($150,400 to Elizabeth and $150,400 to Jonathan) on April 30 and a total of $526,400 ($263,200 to Jonathan and $263,200 Marshall) on December 31. Determine the allocation of the distributions by completing the table below. Assume that the shareholders have sufficient basis in their stock for any amount that is treated as return of capital. If an amount is zero, enter "O". If required, round any division to two decimal places and use in subsequent computations. Round final answers to the nearest dollar. April 30 distribution of $300,800 December 31 distribution…Exercise 19-25 (Algorithmic) (LO. 3) On January 1 of the current year, Rhondell Corporation has accumulated E & P of $168,000. Current E & P for the year is $504,000, earned evenly throughout the year. Elizabeth and Jonathan are sole equal shareholders of Rhondell from January 1 to April 30. On May 1, Elizabeth sells all of her stock to Marshall. Rhondell makes two distributions to shareholders during the year: a total of $268,800 ($134,400 to Elizabeth and $134,400 to Jonathan) on April 30 and a total of $470,400 ($235,200 to Jonathan and $235,200 to Marshall) on December 31. Determine the allocation of the distributions by completing the table below. Assume that the shareholder have sufficient basis in their stock for any amount that is treated as return of capital. If an amount is zero, enter "0". If required, round any division to two decimal places and use in subsequent computations. Round final answers to the nearest dollar. April 30 distribution of $268,800 December 31…
- Exercise 19-22 (Algorithmic) (LO. 3) On January 1 of the current year, Rhondell Corporation has accumulated E & P of $138,000. Current E & P for the year is $414,000, earned evenly throughout the year. Elizabeth and Jonathan are sole equal shareholders of Rhondell from January 1 to April 30. On May 1, Elizabeth sells all of her stock to Marshall. Rhondell makes two distributions to shareholders during the year: a total of $220,800 ($110,400 to Elizabeth and $110,400 to Jonathan) on April 30 and a total of $386,400 ($193,200 to Jonathan and $193,200 Marshall) on December 31. Determine the allocation of the distributions by completing the table below. Assume the shareholders have sufficient basis in their stock for any amount that is treated as return of capital. If an amount is zero, enter "0". If required, round any division to two decimal places and use in subsequent computations. Round final answers to the nearest dollar. April 30 distribution of $220,800 December 31 distribution of…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 $.Problem 19-34 (Algorithmic) (LO. 1, 4) At the start of the current year, Blue Corporation (a calendar year taxpayer) has accumulated E & P of $110,000. Blue's current E & P is $66,000, and at the end of the year, it distributes $220,000 ($110,000 each) to its equal shareholders, Pooja and Jon. Pooja's stock basis is $15,400; Jon's stock basis is $61,600. How is the distribution treated for tax purposes? If an amount is zero, enter "0". Pooja has the following: Dividend income: $ Capital gain: $ Stock basis after distribution: $ Jon has the following: Dividend income: $ Capital gain: $ Stock basis after distribution: $