In 2023, Unlimited Tech had net operating income of $7,613,386. In addition to their operating income, they received $1,093,954 in dividend income from their shares in United Corporation. Unlimited Tech owns 15% of all United Corp outstanding shares. Unlimited Tech did not have any interest expense.
In 2023, Unlimited Tech had net operating income of $7,613,386. In addition to their operating income, they received $1,093,954 in dividend income from their shares in United Corporation. Unlimited Tech owns 15% of all United Corp outstanding shares. Unlimited Tech did not have any interest expense.
Chapter14: Choice Of Business Entity—operations And Distributions
Section: Chapter Questions
Problem 30P
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Transcribed Image Text:In 2023, Unlimited Tech had net operating income of $7,613,386. In addition to their
operating income, they received $1,093,954 in dividend income from their shares in United
Corporation. Unlimited Tech owns 15% of all United Corp outstanding shares. Unlimited Tech
did not have any interest expense.
What is Unlimited Tech's taxable income? (round to the nearest $1)
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