Question
During 2016, Kimmy's Lumbar. had the following income and expenses: Gross income from operations$3,000,000 Business expenses <1,400,000> Dividends received from Y co. (32% owned by
During 2016, Kimmy's Lumbar. had the following income and expenses:
Gross income from operations$3,000,000
Business expenses<1,400,000>
Dividends received from Y co. (32% owned by X co.)400,000
Capital gains150,000
Capital loss carry forward<183,000>
Net operating loss carryforward <135,000>
a. Determine Kimmy's Lumbar dividends received deduction in 2016?
b. DetermineKimmy's Lumbar dividends received deduction in 2016 assuming that there was no NOL carry forward and Kimmy's Lumbar business expenses were:(i) $3,050,000 or (ii) $3,200,000.
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Income Tax Fundamentals 2019
Authors: Gerald E. Whittenburg, Steven Gill
37th Edition
1337703060, 1337673218, 9781337673211, 978-1337703062
