Calculate corporate tax with long term capital gains

Alpha Corporation, a personal holding company, has the following results. Taxable income $200,000 Dividends-received deduction 30,000 Life insurance proceeds 10,000 Excess charitable contributions 10,000 Long-term capital gains 10,000 Federal income taxes 61,000 Calculate Alpha Corporation’s tax.

Tax

During the year Ms. Malcom was supported by her 3 sons Alfred, Bill, Charles who provided the support in the following percentages: Alfred 8% Bill 45% Charles 47% Which of the brothers can claim his mother as a dependent assuming multiple support A alfred B Alfred or charles C Bill or charles D Alfred bill or charles E non of the above

Rental Income

Mason, an accrual basis taxpayer, owns a six unit apartment complex for which he receives rent of 600 per month per unit. In 2005 five of the units were rented for the entire 12 month period. The sixth unit was occupied from January 1st through March 31. Upon vacating the unit, the tenant was refunded his security deposit of 400 due to damages of the unit. The unit was subsequently rented for one year beginning August 1, 2005. On August 1 the new tenant paid the first and last month's rent and a refundable security deposit of 400. What is Mason's total rental income for 2005?

40 True/False Accounting Questions

True/False Questions 1. Tax planning is the structuring of a transaction to reduce tax costs or increase tax savings in order to maximize its net present value. 2. In a Chapter 11 bankruptcy proceeding, the company is liquidated and all of its assets are sold in a dissolution and cessation of the company’s business activities. 3. A “living trust” has as its primary objective the avoidance of probate costs. 4. Footnotes to GAAP financial statements include the corporation’s effective tax rate. 5. When a shareholder recognizes gain in a Section 351 exchange, the corporation’s basis in the assets transferred increased by the amount of gain recognized by the shareholder. ... click for more

20 Multiple Choice Accounting/Taxation Questions

41. Hemingway Corporation had net book income of $1,000,000 for the current year. In preparing its Schedule M-1 reconciliation for the year, the corporation’s tax account noted that Hemingway had the following: Federal tax expense=$250,000; Net capital losses=$50,000; Excess of tax depreciation [MACRS] over book depreciation = $150,000; interest income on U.S. Treasury securities = $90,000. What is Hemingway’s taxable income for the year? A. $1,060,000 B. $1,150,000 C. $1,250,000 D. $1,450,000 42. An S corporation that used to be a C corporation is subject to the “built-in gains tax” for what length of time after conversion to S corporation status? A. 20 years B. 10 years C. Six ... click for more