1. Beige Corporation has a fiscal year ending April 30. For the year ending April 30, 2018, Beige generated taxable income of $1,200,000.

Round any division to four decimal places and use in subsequent computations. Round your final answer to the nearest dollar.

What is Beige Corporation's tax liability for this period?

2. Puce, a calendar year C corporation, had the following Schedule M1 transactions on its Form 1120 for the current year:

Taxable income	$100,000
Federal income tax	21,000
Excess capital losses over capital gains	4,000
Life insurance proceeds received on the death of Puce's vice president	100,000
Premiums paid on life insurance policy	1,000
Interest on tax-exempt bonds	10,000

What is Puce Corporation's net income per books for 2018?

3.

Noah and Olivia form the Gray Corporation with the following investment:

	FMV
Noah
Cash	$180,000
Olivia
Property (basis of $140,000)	200,000

Each received 1,000 shares of Gray stock, but Olivia also receives cash of $20,000. Assume that each share of the Gray stock is worth $180.

a. Olivia's recognized gain is $. b. Olivia's basis in her Gray stock is $. c. Gray's basis in the property received is $.

4.

Aiden has a 35% capital interest in the Oro Partnership and is entitled to a yearly guaranteed payment of $40,000. As of January 1, 2018, Aiden's basis in the partnership interest is $87,000. During tax year 2018, Oro had the following transactions:

Operating profit (after consideration of guaranteed payment)	$410,000
Interest income on City of Seattle bonds	20,000
Short-term capital loss	5,000
Long-term capital gain	7,000
Funds borrowed from bank to provide working capital	30,000

During 2018, Aiden withdrew cash of $70,000 from Oro to help cover his living expenses.

What is Aiden's basis in his partnership interest as of January 1, 2019? $