PRINCIPLES OF TAXATION F/BUS...(LL)
PRINCIPLES OF TAXATION F/BUS...(LL)
23rd Edition
ISBN: 9781260433197
Author: Jones
Publisher: MCG
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Chapter 13, Problem 29AP
To determine

Calculate Incorporation J’s basis in its CFC stock at the beginning of 2021.

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1) During 2022, Matador declared preferred dividends of $70,000, paid $90,000 for dividends, and received $135,000 for dividends on available-for-sale equity securities. The bookkeeper did not include any of these when calculating ICO. Determine the adjustment to ICO. Matador has a corporate tax rate of 30%.
During 2020, Tanso purchased 20,000 shares of Ginto common stock for P315,000 as an equity investment at FVTPL. The fair value of these shares was P300,000 on December 31, 2020. Tanso sold all of the Ginto stock for P17 per share on February 3, 2021, incurring P14,000 in brokerage commissions. Tanso should report a net realized gain/loss on the sale of stocks in 2021 amounting to
. During 2022, ABC Corp. acquired 500 shares of XYZ stock at P30 per share. ABC accounted for the stock as FVOCI financial assets. The market price per share of ABC's stock as of December 31, 2022 and 2023, is P22.50 and P39.50, respectively. How much-unrealized gain or loss on long-term investments should ABC report on its December 31, 2022, statement of comprehensive income? Use negative sign for the unrealized loss How much unrealized gain or loss on long-term investments should ABC report on its December 31, 2022, stockholder’s equity? Use negative sign for the unrealized loss How much-unrealized gain or loss on long-term investments should ABC report on its December 31, 2023, statement of comprehensive income? Use negative sign for the unrealized loss How much-unrealized gain or loss on long-term investments should ABC report on its December 31, 2023, stockholder’s equity? Use negative sign for the unrealized loss

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PRINCIPLES OF TAXATION F/BUS...(LL)

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