Calculate the dividend income to be included on Ricki's 2021 T1.
Q: B, a United States Shareholder, acquires its 70% interest in foreign corporation F’s shares on March…
A: Ownership of shares is the number of shares owned and determined by the company , It owns as…
Q: Check by work Valence Corporation’s Form 1120S shows ordinary income of $88,000 for the year.…
A: Capital gain is the income earned on the sale of capital asset.
Q: Lily is the sole shareholder of Crimson Corporation (a C corporation). At a time when Crimson has a…
A: A non-liquidating distribution made by a business organization is: A dividend to the extent of…
Q: How much final tax was withheld from her dividend income?
A: Correct Answer = Option A = P0 Explanation As per the law dividend received from the domestic…
Q: From the following particulars furnished by Mr.Suresh, pertaining to income ending on 31.3.2020,…
A: Solution- Computation of taxable income…
Q: In 2021, Elko, Inc. has $200,000 in accumulated earnings and profits and $(180,000) in current…
A: In the given question we are provided with the data of Elko Inc. which is having accumulated…
Q: Mr. Lolong, a supervisory employee, received the following income in 2015: Gross compensation…
A: Total gross compensation refers to the amount a worker earns before any deductions or adjustments.…
Q: , King is a stockholder of Ara Corporation, In 2018, he received as dividend from the latter 150…
A: Stock Dividend describes the dividend payment made to shareholders in form of own company's shares…
Q: at purchase was $69159 and Sri's
A: Dividend received from Canadian corporation = $1878 Earnings after selling his holdings…
Q: 1. Ciabatta Corporation made a cash distribution on December 31 of $90,000 each to Giselle (owns…
A: If CEP is => Amount of distribution then it is a taxable dividend to shareholder then whether AEP…
Q: Kris a supervisory employee, received the following income in 2021: Gross compensation income,…
A: Answer: Given Gross compensation income, before contributions to SSS, PhilHealth, and HDMF totaling…
Q: Mr. Chua sold shares of stocks of a resident foreign corporation directly to a buyer. The shares…
A: Capital gain means the gain that is earned by assets, stock, and real estate property. In the stock,…
Q: X is a resident citizen, realized the following gains from the sale of assets: Capital Gains on…
A: Capital Gains Tax is a tax imposed on the gains presumed to have been realized by the seller from…
Q: Jane received $1,530 of dividends from a foreign public corporation. $270 in foreign tax was…
A: Canadian residents getting the DTC against the dividend. Which they were getting from the government…
Q: Alex is an Australian resident for tax purposes. She currently works as a financial advisor in…
A: Calculation of Alex's assessable income are as follows.
Q: Mr. Ali obtained dividends of a gross amount of 200.000 TRY from a full taxpayer joint stock company…
A: Dividend is the amount which is paid by the company out from the profits earned by the company. In…
Q: (Philippine domestic corporation) Questions: 1. The income tax due is 2. The…
A: For all the income derived from sources within or outside Philippines…
Q: Sven operates a shop. During the 2020 tax year, he had on hand: $70,000 of trading stock on 1 July…
A: The profitability status of the company can be arrived from the income statement prepared by the…
Q: Gordon Lamont received dividend income of £1500 and building society interest of £375 in the tax…
A: This Question will be solved using the Tax Rates prevailing in U.K. as per the Finance Act, 2019. We…
Q: Pete, the sole shareholder of Robin Corporation, had a basis of $120,000 in Robin stock that he sold…
A: Tax consequences are the taxable events that are generated due to the various settlements and…
Q: Champ received a $13,200 distribution from NeatCo, a U.S. C corporation. NeatCo's earnings and…
A: Dividend income :— It is the distribution of Company's earnings and profit to the shareholders.…
Q: Jhumel received cash dividends from her investment in the stocks of Jollibee foods Corporation…
A: Correct Answer = Option A = P0 Explanation As per the law dividend received from the domestic…
Q: Leila owns 14% of the ordinary share of Datafarm Ltd. Assume dividends from Datafarm is the only…
A: Percentage shares held by Leila=14% Net profits (after Tax) for the year 2019=$1,000,000 Dividend…
Q: With respect to Generat Rate Income Pool (GRIP) and Low Rate Income Pool (LRIP) balances, which of…
A: The General Rate Income Pool (GRIP) account is used to indicate the accumulated income of a…
Q: Mr. Jin, a non-resident alien stockholder, received a dividend income from a resident foreign…
A:
Q: a. How much of the $200,000 distribution is treated as a dividend to Melanie? Dividend 50,000 b.…
A: Dividend: Dividend can be defined as the part of the profit generated by the company that will be…
Q: uestion Description Compute the tax payable of Mr. Zubair who during the year ended 30th June 2018…
A: Note 1) Dividend is exempt in the hands of recepient. 2)Profit on special deposit scheme is exempt…
Q: Frank is a director of Otago Pty Ltd (Otago), an Australian resident private company, with a…
A: SOLUTION EXPLANATION DATE PARTICULARS DEBIT CREDIT BALANCE JULY 1 2021 OPENING BALANCE 500…
Q: ross income from the practice of profession, P1,590,000 Gross income from business, P3,500,000…
A: The gross income is the amount of income from all possible sources of income after deduction of…
Q: raze, Inc., a calendar year domestic corporation, owns 60 percent of the stock of Malik, a calendar…
A: Step 1 Tax liability is the total amount of tax debt owed by an individual, corporation, or other…
Q: Nicanor, resident citizen, sold his shares of stock from ABC Corporation, a foreign corporation…
A: a. Only S1 is true
Q: Mr. Ramos, a non-resident citizen, sold shares of stocks of a domestic corporation directly to a…
A: Capital gains refer to profit earned on the sale of capital assets. Ordinary income and capital…
Q: Skylar also had the following income: Lotto winnings Interest on FCDU Gain on sale of shares of…
A: Lotto winnings = P26,000 Interest on FCDU = P15,000 Gain on sale of shares = P100,000
Q: X derived the following income in 2020: Business income of P400,000 Compensation income of P200,000…
A: There are many income sources which an individual receives and including them, certain incomes are…
Q: The John and John Corporation has ordinary income of $250,000 for 2021, including dividends of…
A: Under USA Taxation rules, if the corporates are receiving any dividend from the other body…
Q: January 1, 2021. During the year, Bravo reports income of $150,000 and pa idends of $30,000.…
A: Tax liability means the aggregate amount of the tax debt owed through the company, individual and…
Q: How do I calculate the dollar amount to be included in Gross Income for this assignment Question.…
A: Gross income: Income before taxes and other deductions called Gross income.
Q: Calculate Sally’s deduction for qualified business income.
A:
Q: Smith is an accountant in South Company. He reported a pretax financial income of $2,800,000,…
A: Taxable Profit: It is the earnings/profit based on the relevant tax laws in the country. It is used…
Q: Ms. Millie, a non-resident alien engaged in trade or business, owns 1,000,000 shares of MWC, Inc. In…
A: Let's understand this in a very simple manner: Tax on dividends = No of shares X Price of Dividend X…
Q: one-half of the stock in Parakeet Corporation, a calendar year taxpayer. Cash distributions from…
A: An exploration and production (E&P) firm is a subset of the oil and gas business. Exploration…
Q: Assuming in 2021, the investee earned a net income of P3 million, how much must be recognized by…
A: Step 1 As per US GAAP, investor entity share in investee entity profit or loss is adjust…
Q: Karen purchased 100 shares of X-Corporation Stock in 2020. X-Corporation is registered and…
A: Working :- Number of shares purchased by…
Q: Marshall Mathers , a non-resident alien not engaged in trade or business, owns 1,000,000 shares in…
A: Marshall Mathers owns 1,000,000 shares in MWC Inc which has a FAIR VALUE of P1/share So the total…
Q: Irene received the following dividends in 2021: • an eligible dividend of $16,550 a non-eligible…
A: Dividend: A dividend is a reward paid out of a company's net profits to the shareholders for…
Q: What is the taxable income of Mr. Pamplona subject to regular income tax?
A: Tax is the amount which the taxpayer has to pay on the taxable income and which is determined as per…
Q: a) Calculate the S corporation's ordinary (non-separately stated) income and indicate which items…
A: capital gain are subject to capital gain tax.
Q: Emma, a U.S. resident, received the following income items for the current tax year. Identify the…
A: Current tax year usually is a one year period for determining the tax on the income earned during…
Q: In 2021, XYZ Company, a domestic corporation, recorded other income as follows: Realized foreign…
A:
Ricki Glass received the following income in 2021: Eligible dividend for $2,000 Non-eligible dividend for $3,500 Foreign dividend for $1,500 ($225 was withheld by the foreign country, netting Ricki $1,275.)
Calculate the dividend income to be included on Ricki's 2021 T1.
Step by step
Solved in 2 steps
- During 2021 Erin received eligible dividends of $1,000, non-eligible dividends of $800 and foreign dividends of $1,000 before 10% foreign income tax was withheld. Her 2021 property income is (note eligible dividend gross up is 38% and non-eligible dividend gross up is 15%): $3,254 $3,300 $2,800 $2,794Mang Corporation, a domestic corporation, owns 20% of the outstanding shares of RJ Corporation, a non-resident foreign corporation. On March 1, 2021, it received dividends amounting to P1,000,000. Which statement is subject to income tax? The said dividend has not been used until January 13, 2023 All of the above The said dividend was utilized in 2022 for its dividend payment The said dividend was utilized on June 15, 2022 for its working capital requirementsIn 2021, Elko, Inc. has $200,000 in accumulated earnings and profits and $(180,000) in current earning and profits. On December 31, 2021, Elko distributes $ 60,000 to Emma, an individual. Emma has stock basis of $5,000 in her Elko stock and is in the 32% tax bracket. Emma does not have any capital gains or losses from the sale of assets. Determine: How much of this distribution to Emma is dividend, return of capital, and/or capital gain? What is Emma's 2021 tax liability for this distribution? Assume instead that Emma is Emma Corporation (a C corporation). Emma Corporation owns 25% of Elko Corporation. What tax liability will Emma Corporation have on the distribution (assume that Emma Corporation has significant income in addition to this distribution from Elko).
- Cong, single, had the following data for 2021 taxable year: Gross business income, Philippines, P1,000,000.00 Gross business income, USA, P500,000.00 Business expenses, Philippines, P700,000.00 Business expenses, USA, P430,000.00 Compensation income, Philippines, P600,000.00 Dividend income from a domestic corporation, P50,000.00 Dividend income from a foreign corporation, P40,000.00 Interest income from peso bank deposit – Philippines, P20,000.00 Interest income from bank deposits abroad, P30,000.00 Interest income from FCDS deposits, P40,000.00 Royalty income from composition, P25,000.00 Raffle draw winnings, P10,000.00 PCSO winnings, P200,000.00 Creditable withholding taxes on business income, P125,000.00 Required: 1. Net Taxable Income 2. Total final taxes on passive income 3. Income Tax Payable *Kindly provide calculations and explanation. Thanks!Mr. Jin, a non-resident alien stockholder, received a dividend income from a resident foreign corporation amounting to P 600,000 in the year of 2018. The gross income of the foreign corporation from within and without the Philippines for three years preceding 2018 are as follows: sources of income 2015 2016 2017 Philippines 16,000,000 12,000,000 14,000,000 Outside the Philippines 20,000,000 14,000,000 16,000,000 How much of the dividend income received by Mr. Jin shall be reported as part of income within the Philippines?In 2021, Elko, Inc. has $200,000 in accumulated earnings and profits and $(180,000) in current earning and profits. On December 31, 2021, Elko distributes $ 60,000 to Emma, an individual. Emma has stock basis of $5,000 in her Elko stock and is in the 32% tax bracket. Emma does not have any capital gains or losses from the sale of assets. How much of this distribution to Emma is dividend, return of capital, and/or capital gain?
- From the following particulars furnished by Mr.Suresh, pertaining to income ending on 31.3.2020, compute his taxable income for the assessment year 2020-21, if he is Resident and ordinarily resident Resident and not ordinarily resident Nonresident Profit on sale of shares in Indian company received in France-Rs.27,000; dividend from a Korean company received in Japan-Rs. 15000; Rent from a property in Hongkong, deposited in a bank in Hongkong but later remitted to India-Rs. 195000; dividend from R P Limited, an Indian Company-Rs. 16000; agriculture income from a land in Maharastra-Rs.43,000.Frank is a director of Otago Pty Ltd (Otago), an Australian resident private company, with a corporate tax rate for imputation purposes for the 2020/21 income year of 30%. Frank provided you with the following information regarding the company’s franking account: 1 July 2020: Opening balance $500 credit. 29 July 2020: Paid 2020 tax year fully franked final dividend $7,000 28 February 2021: Paid 2021 tax year 60% franked interim dividend $9,000 30 April 2021: Received fully franked dividend from Australian company $4,500 28 June 2021: PAYG instalment paid relating 2020/21 tax year totalled $1,200 30 June 2021: Declared a fully franked dividend of $10,000 Otago had a taxable income of $16,000 for 2020/21. Required 1) Prepare Otago Pty Ltd’s franking account for the 2020/21 tax year and explain any consequences arising from the franking account balance at 30 June 2021. 2) Calculate net tax payable (refundable) for the company.The income statements for HIM and HER for the year ended 31 December 2021 are shown below:HIM HERAR000 Crowns000Revenue 5 200 4 500Cost of sales (3 200) (3 000)Gross profit 2 000 1 500Distribution costs (800) (420)Administrative expenses (450) (450)Other income 80 -Profit before tax 830 630Income tax expenses (250) (180)Profit for the year 580 450Additional Information:1. HIM acquired 80% of the ordinary share capital of a foreign entity, HER, on 1 January 2021 for Crowns 13 984 000. At the date of acquisition the net assets of HER had a fair value of Crowns 15 800 000. The group policy is to value non-5controlling interest at fair value at the date of acquisition. The fair value of the non-controlling at the date of acquisition was Crowns 3 496 000. The fair value adjustments related to non-depreciable land. At 31 December 2021 the goodwill that arose on the acquisition of HER was impaired by 20%. Impairment is translated at the average rate and is charged to group administrative…
- humel received cash dividends from her investment in the stocks of Jollibee foods Corporation amounting to P15,000 net of final tax. How much final tax was withheld from her dividend income? a. P0 b. P1,500 c. P1,667 d. P3,750 e. Answer not givenFor the following independent cases, determine whether economic income is present and, if so, whether it must be included in gross income (i.e., is it realized and recognized for tax purposes?). Note: Leave no answers blank. Enter zero if applicable. Required: Asia owns stock that is listed on the New York Stock Exchange, and this year the stock increased in value by $15,250. Ben sold stock for $10,500 and paid a sales commission of $210. Ben purchased the stock several years ago for $4,200. Bessie is a partner in SULU Enterprises LLC. This year SULU reported that Bessie's share of rental income was $2,850 and her share of municipal interest was $800.Marshall Mathers , a non-resident alien not engaged in trade or business, owns 1,000,000 shares in MWC, Inc. In 2021, MWC declared 20% stock dividends, during which the fair market value of the shares is P1/share. How much is the final tax on the dividends? A.POB.P20,000C.P50,000D.P40,000