Calculate Sammy's share of Zebra's long-term captial gain
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Check my work
Zebra, Inc., a calendar year S corporation, incurred the following items this year. Sammy is a 40% Zebra shareholder throughout the year.
|
Sales |
100000 |
|
COGS |
-40000 |
|
Depr Expense MACRS |
-10000 |
|
Admin expenses |
-5000 |
|
Sec 1231 gain |
21000 |
|
Depr recapture income |
25000 |
|
Short-term cap loss from stock sale |
-6000 |
|
Long-term cap loss from stock sale |
-4000 |
|
Long-term cap gain from stock sale |
15000 |
|
Charitable contributions |
-4500 |
Calculate Sammy's share of Zebra's long-term captial gain
Long-term
Long-term capital loss from sale of stock is 4,000
Sammy's share is 15,000*40%=6,000 percent of gain is not netted
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- Fisafolia Corporation has gross income from operations of $210,000 and operating expenses of $160,000 for 2019. The corporation also has $30,000 in dividends from publicly traded domestic corporations in which the ownership percentage was 45 percent. Calculate the corporation's dividends received deduction for 2019. $_____________ Assume that instead of $210,000, Fisafolia Corporation has gross income from operations of $135,000. Calculate the corporation's dividends received deduction for 2019. $___________ Assume that instead of $210,000, Fisafolia Corporation has gross income from operations of $158,000. Calculate the corporation's dividends received deduction for 2019. $_____________The record of ABAKA Corporation, a closely-held corporation shows the following calendar years: Year 2018 Gross income, P4,500,000Allowable expenses, P 2,800,000Rental income, net of 5% withholding tax, P 475,000Interest on money market placement (net), P 90,000Inter-corporate dividends, P480,000Additional information: Dividends paid, P 1,700,000Payments, first three quarters, P 50,000Ordinary shares, P700,000Share premium, P200,000Year 2019 Gross income, P 3,200,000Expenses, P 3,000,000Net Income, P200,000Retained Earnings, P 500,000How much is the improperly accumulated earnings tax in 2018 ?Garrison holds a controlling interest in Robertson’s outstanding stock. For the current year, the following information has been gathered about these two companies: Garrison RobertsonSeparate $300,000 $200,000operating income (includes $50,000 intra-entity gross profit in ending inventory)Dividends paid ...32,000 50,000Tax rate . . . . . . . . . 40% 40% Garrison uses the initial value method to account for the investment in Robertson. Garrison’s separate operating income figure does not include dividend income for the current year.a. Assume that Garrison owns 80 percent of Robertson’s voting stock. On a consolidated tax return, what amount of income tax is paid?b. Assume that Garrison owns 80 percent of Robertson’s voting stock. On separate tax returns, what total amount of income tax is paid?c. Assume that Garrison owns 70 percent of Robertson’s voting stock. What total amount of income…
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