a C corporaion ha 21. George Judson is the sole shareholder and employee of Black Corporation, operating expenses (excluding salary) of $100,000. Further, Black Corporation pays George a salary of $150,000. The salary is reasonable in amount and George is in the 35% marginal tax bracket irrespective of any income from Black. Assuming that Black Corporation distributes all after-tax income as engaged exclusively in engineering services. During the year, Black has gross revenues of $300,000 and dividends, how much total combined income tax do Black and George pay in the current year? (Ignore any employment tax considerations.) a $64,875. b. $70,000. C. $74,875. d. $81,375 e. None of the above. Which of the following statements is correct regarding the taxation of C corporations? a. The ahemative minimum tax does not apply b. A corporation with taxable income of less than $500 need not file a tax return. c. The due date for a corporate income tax return (ignoring extensions) is the fifteenth day of 22. the third month following the close of the corporation's tax year d. In general, the required annual payment for corporate estimated taxes is 90% of the e. None of the above 2016 and 2017, respectively. The minimum 2015 estimated tax installment payments for Vireo are: corporation's final tax for the current year 23. Vireo Corporation, a calendar year C corporation, has taxable income of $1.3 million and $3 million for a. April 15, 2017, $110,500, June 15, 2017, $110,500; September 15, 2017, $110,500 December 15, 2017, $110,500. April 15, 2017, $110,500, June 15, 2017, $399,500; September 15,2017, $399,500; December 15, 2015, $399,500. b. c April 15, 2017, S110.500 June 15,2017, $399,500, September 15,2017, $255,00 December 15, 2017, $255,000. April 15, 2017, $255,000; June 15, 2017, $255,000; September 15, 2017, $233,000; December 15, 2017, $255,000. None of the above. d. e. 24. Schedule M-1 of Form 1120 is used to reconcile financial net income with taxable income reported on the corporation's income tax return as follows: net income per books + additions -subtractions - taxable income. Which of the following items is an addition on Schedule M-1? a. Charitable contributions carryover from previous year b. Proceeds of life insurance paid on death of key employee. c. Charitable contributions in excess of deductible limits d. Tax-exempt interest. e. None of the above 25. Schedule M-I of Form 1120 is used to reconcile financial net income with taxable income reported on the corporation's income tax return as follows: net income per books + additions - subtractions taxable income. Which of the following items is a subtraction on Schedule M-1. a. Book depreciation in excess of allowable tax depreciation b. Federal income tax per books c. Premiums paid on life insurance policy on key employee. d. Tax-exempt interest nd ending balances in your t-acounts Wne sarmpte problem for the format)
