Business, 24.06.2019 22:00 ratpizza

Volunteer corporation reported taxable income of $400,000 from operations this year. during the year, the company made a distribution of land to its sole shareholder, rocky topp. the land's fair market value was $112,500 and its tax and e& p basis to volunteer was $54,000. rocky assumed a mortgage attached to the land of $22,500. any gain from the distribution will be taxed at 21 percent. the company had accumulated e& p of $926,000 at the beginning of the year.1. compute volunteer's total taxable income and federal income tax.2. compute volunteer's current e& p.3. compute volunteer's accumulated e& p at the beginning of next year.4. what amount of dividend income does rocky report as a result of the distribution? 5. what is rocky's income tax basis in the land received from volunteer?

Answers: 3

Show answers

Another question on Business

Business, 22.06.2019 00:30

Norton manufacturing expects to produce 2,900 units in january and 3,600 units in february. norton budgets $20 per unit for direct materials. indirect materials are insignificant and not considered for budgeting purposes. the balance in the raw materials inventory account (all direct materials) on january 1 is $38,650. norton desires the ending balance in raw materials inventory to be 10% of the next month's direct materials needed for production. desired ending balance for february is $51,100. what is the cost of budgeted purchases of direct materials needed for january? $58,000 $65,200 $26,550 $25,150

Answers: 1

Answer

Business, 22.06.2019 06:30

Selected data for stick’s design are given as of december 31, year 1 and year 2 (rounded to the nearest hundredth). year 2 year 1 net credit sales $25,000 $30,000 cost of goods sold 16,000 18,000 net income 2,000 2,800 cash 5,000 900 accounts receivable 3,000 2,000 inventory 2,000 3,600 current liabilities 6,000 5,000 compute the following: 1. current ratio for year 2 2. acid-test ratio for year 2 3. accounts receivable turnover for year 2 4. average collection period for year 2 5. inventory turnover for year 2

Answers: 2

Answer

Business, 22.06.2019 08:30

In risk management, what does risk control include? a. risk identification b. risk analysis c. risk prioritization d. risk management planning e. risk elimination need this answer now : (

Answers: 3

Answer

Business, 22.06.2019 10:20

Asmartphone manufacturing company uses social media to achieve different business objectives. match each social media activity of the company to the objective it the company achieve.

Answers: 2

Answer

You know the right answer?

Volunteer corporation reported taxable income of $400,000 from operations this year. during the year...

Questions