Question
2022 Corp X (Corp. Aggregate Receipts > $27 Mil.) 100% Owned by Shareholder A Business Income - $1,000,000 NYS Bond Interest - $2,000 Dividend received
2022 Corp X (Corp. Aggregate Receipts > $27 Mil.)
100% Owned by Shareholder A
Business Income - $1,000,000
NYS Bond Interest - $2,000
Dividend received from 25% owned Corporation - $8,000
Business Expenses - $150,000
Reasonable Compensation - $500,000
Compensation of Family Members Not Active in the Company - $100,000
Capital Loss $5,000
Interest Expense paid to Bank - $250,000
179 Depreciation Tractor - $25,000
Bonus Depreciation Heavy Truck - $50,000
Questions:
What is taxable income? _______________ Show calculation.
What is 2022 E&P? _______________ Show calculation.
Does shareholder A receive any dividend? _______________ Show calculation.
If yes to #3, how much? _______________
If aggregated corporate receipts are under $27 million, what is the taxable income? _______________ Show calculation.
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Financial and Managerial Accounting
Authors: Horngren, Harrison, Oliver
3rd Edition
978-0132497992, 132913771, 132497972, 132497999, 9780132913775, 978-0132497978
