In the current year, Riflebird Company had operating income of $220,000, operating expenses of $175,000, and a long-term capital loss of $10,000. How do Riflebird Company and Roger, the sole owner of Riflebird, report this information on their respective Federal income tax returns for the current year under the following assumptions? If an amount is zero, enter "0". a. Riflebird Company is a proprietorship (Roger did not make any withdrawals from the business). Roger reports $ net operating profit and $ long-term capital loss (before any limitations) on his tax return. Roger would claim a $ deduction for qualified business income. Riflebird Company, as a proprietorship, files Federal income tax return for the year. b. Riflebird Company is a C corporation (no dividends were paid during the year). Roger reports $ net operating profit and $ long-term capital loss (before any limitations) on his tax return. Riflebird Company will report taxable income of $ on its
In the current year, Riflebird Company had operating income of $220,000, operating expenses of $175,000, and a long-term capital loss of $10,000. How do Riflebird Company and Roger, the sole owner of Riflebird, report this information on their respective Federal income tax returns for the current year under the following assumptions? If an amount is zero, enter "0". a. Riflebird Company is a proprietorship (Roger did not make any withdrawals from the business). Roger reports $ net operating profit and $ long-term capital loss (before any limitations) on his tax return. Roger would claim a $ deduction for qualified business income. Riflebird Company, as a proprietorship, files Federal income tax return for the year. b. Riflebird Company is a C corporation (no dividends were paid during the year). Roger reports $ net operating profit and $ long-term capital loss (before any limitations) on his tax return. Riflebird Company will report taxable income of $ on its
Chapter3: Corporations: Introduction And Operating Rules
Section: Chapter Questions
Problem 30P
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Transcribed Image Text:Problem 3-30 (LO. 1)
In the current year, Riflebird Company had operating income of $220,000, operating expenses of $175,000, and a long-term capital loss of
$10,000. How do Riflebird Company and Roger, the sole owner of Riflebird, report this information on their respective Federal income tax
returns for the current year under the following assumptions?
If an amount is zero, enter "0".
a. Riflebird Company is a proprietorship (Roger did not make any withdrawals from the business).
Roger reports $
net operating profit and $
long-term capital loss (before any limitations) on his tax
return. Roger would claim a $
deduction for qualified business income. Riflebird Company, as a proprietorship, files
Federal income tax return for the year.
b. Riflebird Company is a C corporation (no dividends were paid during the year).
Roger reports
net operating profit and $
long-term capital loss (before any limitations) on his tax
return. Riflebird Company will report taxable income of $
on its
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