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can i get help with this please? Bulldog Corporation reported taxable income of $735,000 this year, before any deduction for any payment to its sole
can i get help with this please?
Bulldog Corporation reported taxable income of $735,000 this year, before any deduction for any payment to its sole shareholder and employee, Rojas. Bulldog chose to pay a bonus of $135,000 to Rojas at year-end. The bonus meets the requirements to be "reasonable" and is therefore deductible by Bulidog. Rojas is subject to a marginal tax rate of 35 percent on the bonus. What is the income tax imposed on the corporate income earned by Bulldog and the income tax on the bonus paid to Rojas? Jayhawk Company reports current E\&P of $310,000 and a deficit in accumulated E\&P of ($282,500). Jayhawk distributed $505,000 to its sole shareholder, Rock, on the last day of the year. Rock's tax basis in the Jayhawk stock before the distribution is $128,750. Note: Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign. Problem 18-37 Part a (Algo) a. How much of the $505,000 distribution is treated as a dividend to Rock? Jayhawk Company reports current E\&P of $310,000 and a deficit in accumulated E\&P of ($282,500). Jayhawk distributed $505,000 to its sole shareholder. Rock, on the last day of the year. Rock's tax basis in the Jayhawk stock before the distribution is $128,750. Note: Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign. Problem 18-37 Part c (Algo) c. What is Jayhawk's balance in accumulated E\&P on the first day of next year Step by Step Solution
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