1. For the year ended December 31, 2019, Atkinson, Inc., a calendar-year corporation, had gross income of $260,000 including dividend income of $100,000 from 25%-owned unaffiliated domestic corporations. Business deductions for 2019 amounted to $170,000. The dividends were not from debt-financed portfolio stock. What is Atkinsons dividends-received deduction for 2019?

1. $0
2. $58,500
3. $65,000
4. $100,000

2. Beta, a C corporation, reported the following items of income and expenses for the year:

Gross income (other than dividends) $600,000

Dividend income from a 30%

owned domestic corporation 100,000

Operating expenses 400,000

What is Betas taxable income for the year?

A. $200,000

B. $235,000

C. $250,000

D. $300,000

3. Which of the following is not eligible to be a shareholder of an S corporation?

1. A domestic partnership.
2. Individuals who are not nonresident aliens.
3. Estates.
4. Exempt organizations described in Sec. 401(a) or 501(c)(3).

4.Charles Jordan files his income tax return on a calendar-year basis. He is a 3% partner of a partnership reporting on a June 30 fiscal-year basis. Jordans share of the partnerships ordinary income was $24,000 for the fiscal year ended June 30, 2018, and $72,000 for the fiscal year ended June 30, 2019. How much should Jordan report on his 2019 return as his share of taxable income from the partnership?

A. $24,000

B. $36,000

C. $60,000

D. $72,000