Refer to Problem 54 Determine the amount of taxable income and separately stated items in each case, assuming the corporation was a Subchapter S corporation a Book income of $50,000 including capital gains of $2,000, a charitable contribution of $1,000, and travel and entertainment expenses of $3,0...

Part a Taxable Income 50000 2000 1000 3000 52000 Separately stated items are Capital gains 2000 Char ...

Refer to Problem 54. Determine the amount of taxable income and separately stated items in each case,

Question:

Refer to Problem 54. Determine the amount of taxable income and separately stated items in each case, assuming the was a Subchapter S Book income of $50,000 including capital gains of $2,000, a charitable contribution of $1,000, and travel and entertainment expenses of $3,000.
b. Book income of $92,000 including capital losses of $3,000, a charitable contribution of $12,000, and travel and entertainment expenses of $3,000.
c. Book income of $76,000 including municipal bond interest of $2,000, a charitable contribution of $5,000, and dividends of $3,000 from a 10% owned domestic The also has an $8,000 charitable contribution carryover.
d. Book income of $129,000 including municipal bond interest of $2,000, a charitable contribution of $5,000, and dividends of $7,000 from a 70% owned domestic The has a capital loss carryover of $6,000 and a capital gain of $2,500 in the current year.
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...