1.After several years of profitable operations, Javell, the sole shareholder of JBD Inc., a C corporation, sold 22 percent of her JBD stock to ZNO Inc., a C corporation in a similar industry. During the current year JBD reports $2,100,000 of after-tax income. JBD distributes all of its after-tax earnings to its two shareholders in proportion to their shareholdings. How much tax will ZNO pay on the dividend it receives from JBD? What is ZNOs tax rate on the dividend income (after considering the DRD)? [Hint: See IRC 243.] (Round the "Tax rate on dividend income" to 2 decimal places.)

ZNOs tax on dividend :

ZNOs tax rate on dividend income : %

2.In its first year of existence (year 1), SCC corporation (a C corporation) reported a loss for tax purposes of $30,000. How much tax will SCC pay in year 2 if it reports taxable income from operations of $20,000 before considering loss carryovers under the following assumptions? (New Corporate income tax rate has been mentioned as "21% on all taxable income" as per the recent change. Leave no answer blank. Enter zero if applicable.)

a. Year 1 is 2017.

SCC TAX LIABILITY IN YEAR 2:

3.Mickey, Mickayla, and Taylor are starting a new business (MMT). To get the business started, Mickey is contributing $235,000 for a 40 percent ownership interest, Mickayla is contributing a building with a value of $235,000 and a tax basis of $158,750 for a 40 percent ownership interest, and Taylor is contributing legal services for a 20 percent ownership interest. What amount of gain is each owner required to recognize under each of the following alternative situations? [Hint: Look at 351 and 721.] (Leave no answer blank. Enter zero if applicable.)

a. MMT is formed as a C corporation.

gain to be recognized:

PLEASE ANSWER AL 3 FOR A THUMBS UP :)