Question
A. The corporation realized gain of $80,000 on involuntary conversion of building ($10,000 of gain is recognized). What is the taxable income increase (decrease) related
A. The corporation realized gain of $80,000 on involuntary conversion of building ($10,000 of gain is recognized). What is the taxable income increase (decrease) related to the involuntary conversion?
B. The corporation realized gain of $80,000 on involuntary conversion of building ($10,000 of gain is recognized). What is the earnings & profits increase (decrease) related to the involuntary conversion?
C.Mining exploration costs incurred on May 1 of the current year; $24,000 is deductible from current-year income. What is the taxable income increase (decrease) related to the mining expenses?
D.Mining exploration costs incurred on May 1 of the current year; $24,000 is deductible from current-year income. What is the earnings & profits increase (decrease) related to the mining expenses?
E. Sale of equipment to an unrelated third party for $240,000; basis is $120,000 (no election out of installment method; no payments are received in the current year). What is the taxable income increase (decrease) related to the installment sale?
F. Sale of equipment to an unrelated third party for $240,000; basis is $120,000 (no election out of installment method; no payments are received in the current year). What is the earnings & profits increase (decrease) related to the installment sale?
G. Dividends of $20,000 received from 5% owned corporation, together with dividends received deduction (assume that taxable income limit does not apply). What is the taxable income increase (decrease) related to the dividend received deduction?
H. Dividends of $20,000 received from 5% owned corporation, together with dividends received deduction (assume that taxable income limit does not apply). What is the earnings & profits Increase (decrease) related to the dividend received deduction?
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