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Determine taxable income in each of the following instances. Assume that the corporation is a C corporation and that book income is before any income
Determine taxable income in each of the following instances. Assume that the corporation is a C corporation and that book income is before any income tax expense.
- Book income of $59,000 including capital gains of $5,000, a charitable contribution of $1,200, and meals expenses of $7,500.
- Book income of $101,000 including capital losses of $6,000, a charitable contribution of $16,500, and meals expenses of $1,800.
- Book income of $80,500 including municipal bond interest of $1,400, a charitable contribution of $4,800, and dividends of $2,600 from a 10% owned domestic corporation. The corporation also has an $6,800 charitable contribution carryover.
- Book income of $138,000 including municipal bond interest of $1,600, a charitable contribution of $3,900, and dividends of $6,300 from a 70% owned domestic corporation. The corporation has a capital loss carryover of $4,900 and a capital gain of $1,800 in the current year.
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