Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

1) In the present year, Star Corporation (a calendar year, cash basis taxpayer) receives cash dividends as follows:

Source of Dividends     Ownership Percentage     Dividends
Emu corporation     90%     $90,000
Robin Corporation     21%     60,000
Crane Corporation     10%     30,000

Presuming the taxable income limitation doesn’t apply, Star Corporation's dividends received reduction for the present year is

a. $141,000.
b. $135,000.
c. $126,000.
d. $159,000.
e. None of the above.

2) Sun Corporation is incorporated in November 2008. Following formation expenses are incurred in 2008:

a. $9,000.
b. $6,000.
c. $5,000.
d. $2,000.
e. None of the above.

Legal and accounting expenses incident to organization     $4,000
Expenses of temporary directors and organizational meetings of directors and shareholders     2,000
Expenditures associated with issuing and selling shares of stock     3,000

Except for issuing and selling stock expenses that are paid in 2009, all other expenses are paid in 2008. If Sun Corporation uses cash basis and accepts a calendar year for tax purposes, amount of organizational expenditures it can choose to expense for 2008 is:

3) Two unrelated calendar year C corporations contain the taxable income for the present year are as follows:

a. $12,500 for Blue and $18,850 for Green.
b. $24,500 for Blue and $18,850 for Green.
c. $12,500 for Blue and $31,500 for Green.
d. $24,500 for Blue and $31,500 for Green.
e. None of the above.

Taxable income     Blue Corporation     Green Corporation
                                $70,000                   $90,000

Shine Corporation is qualified personal service corporation. Determine corporate income tax liability is on the basis of these facts.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M99829

Have any Question? 


Related Questions in Accounting Basics

Activity your accounting firm pennypacker amp vandelay llc

Activity: Your accounting firm, Pennypacker & Vandelay, LLC, has been asked by the Chairman of Harris Memorial Hospital and Harris Community Foundation to attend the annual board meeting to present the report of the Inde ...

Modified accrual accounting and general fund itemscomplete

Modified Accrual Accounting and General Fund Items Complete the following questions based on the Chapter 4 material: • Outline revenue recognition criteria under modified accrual accounting. Include specific requirements ...

Assignmentduring your examination of the accounts

Assignment During your examination of the accounts receivable of Hope Ranch, a new client, you notice that one account is much larger than the rest, and you therefore decide to examine the evidence supporting this custom ...

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around acquisition accounting to a real-world example. Requirements for the assignment: Each student will select ...

Cvp analysis in service companies please respond to one of

"CVP Analysis in Service Companies" Please respond to one of the following: Option 1 Imagine that you are the cost accounting manager and the director of your present or past organization. Management wants your opinion o ...

Question 1the company you work for has a large amount of

Question 1 The company you work for has a large amount of disposable cash and very little debt on its books. The board of directors has expressed an interest in taking this money and investing in equity and debt securiti ...

Q1 in each of the following independent situations

Q1: In each of the following independent situations, determine how much should be included in Burton's gross estate less than 2042 as to the various life insurance policies involved. Assume that none of the policies are ...

Problem 1conceptual leasing bought a grader for 600000 and

Problem 1 "Conceptual Leasing bought a grader for $600,000 and the leased it back to Parole Inc. on January 1, 2011. The description of the lease follows: • Quarterly Rent Payments=$34,000 • Leaser term= 4 years (16 quar ...

Course project a financial statement analysisa comparative

Course Project: A Financial Statement Analysis A Comparative Analysis of Nike, Inc. and Under Armour, Inc. Below is the link for the financial statements for Nike, Inc. for the fiscal year ending 2014. First, select 2014 ...

Exercise 1north company has completed all of its operating

Exercise 1 North Company has completed all of its operating budgets. The sales budget for the year shows 50,120 units and total sales of $2,128,200. The total unit cost of making one unit of sales is $22. Selling and adm ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro