Help Jasper Junction Corporation (JJC) is an accrual basis, calendar-year entity that was created by Chao, tris, and Nolan in 2013 furnishes the original incorporation agreement. The shareholders' bases in the assets contributed are as follows: Cash $150,000 Equipment $245,000 Inventory $380,000 Land and Building $375,000 . The first five years of business have been lean years. Nolan had to loan the corporation $75.000 to ensure that I had enough ca to pay its bills and its Accumulated Earnings and Profits only amounts to $23,000 at the end of 20x6. JJC has its first year of substantial income in 20X6. It also sells some of its tand for $100,000 cash, but the sale results in a capital loss The Board of Drecto decides to pay $250,000 in dividends to its shareholders. This is in addition to the $3.500 of interest & pays on the bands and the $1,500 it pays to Nolan on the money he loaned JJC. The income and expenses of JJC for 20X6, taxable income, and current E&P provided in the Table below. Corporate Agreement Taxable Income Current EXP Amount Income Taxable Income Sales COGS 176,500 412,000 150,000 412,000 (150,000) Chapter Two Pashe Sed Cupteros PhQ2 pay $250,000 in dividenas to its snarenoiders. Inis is in acomon to the 3.500 or interest it pays on me onas ana Help $1,500 It pays to Nolan on the money he loaned JJC. The income and expenses of JJC for 20X6, taxable income and content at provided in the Table below. Corporate Agreement Taxable Current Amount Income EXP 176,500 412,000 150,000 133,000 1,000 412,000 (150,000) 133,000 1,000 Income Taxable Income Sales COGS Dividends (own 5%) Muni Bond Interest Expenses Capital loss Interest Expense Operating Expenses Key Life Insurance Premiums Taxable income before Special Deductions Charitable Contributions Dividend Receivable Deduction Taxable Income Federal Income Tax 32,935 5,000 120, cee 6,000 30,000 (32,935) (5.00) (120,000) (6.000) 270,000 (27,000) (3,600) 166,500) 66,500 176,500 37.865 (32.065) 165,000 Current E&P Analyze the information provided to reconcile the shareholders' beginning and ending boses in their stock to determine the federata consequences of JJC's corporate distributions (Decreases should be entered with a minus sign.) Chapter Two Pashe Sed Cupteros PhQ2 pay $250,000 in dividenas to its snarenoiders. Inis is in acomon to the 3.500 or interest it pays on me onas ana Help $1,500 It pays to Nolan on the money he loaned JJC. The income and expenses of JJC for 20X6, taxable income and content at provided in the Table below. Corporate Agreement Taxable Current Amount Income EXP 176,500 412,000 150,000 133,000 1,000 412,000 (150,000) 133,000 1,000 Income Taxable Income Sales COGS Dividends (own 5%) Muni Bond Interest Expenses Capital loss Interest Expense Operating Expenses Key Life Insurance Premiums Taxable income before Special Deductions Charitable Contributions Dividend Receivable Deduction Taxable Income Federal Income Tax 32,935 5,000 120, cee 6,000 30,000 (32,935) (5.00) (120,000) (6.000) 270,000 (27,000) (3,600) 166,500) 66,500 176,500 37.865 (32.065) 165,000 Current E&P Analyze the information provided to reconcile the shareholders' beginning and ending boses in their stock to determine the federata consequences of JJC's corporate distributions (Decreases should be entered with a minus sign.) Chapter 2 PL Q Chapter Two Pache SAMA Dividend Receivable Deduction Taxable income Federal Income Tax Current E&P Sted Daerah (66 See) 176,58 37,665 66,500 Analyze the information provided to reconcile the shareholders' beginning and ending bases in their stock to determine the federal tak consequences of JUC's corporate distributions (Decreases should be entered with a minus sign.) (37,865) 165,000 Shareholder Ownership Percentage (%) Beginning Basis in Stock Chao Increases or (Decreases) Ending 1 2 Basis in Stock 3 4 Iris 7 8 9 10 Taxation Dividends. Capital Genel 5. Dividends 6. Capital gains 11 Dividends 12 Capital gains 17 Dividends 18 Capital gains Nolan 13 14 15 16 Help Jasper Junction Corporation (JJC) is an accrual basis, calendar-year entity that was created by Chao, tris, and Nolan in 2013 furnishes the original incorporation agreement. The shareholders' bases in the assets contributed are as follows: Cash $150,000 Equipment $245,000 Inventory $380,000 Land and Building $375,000 . The first five years of business have been lean years. Nolan had to loan the corporation $75.000 to ensure that I had enough ca to pay its bills and its Accumulated Earnings and Profits only amounts to $23,000 at the end of 20x6. JJC has its first year of substantial income in 20X6. It also sells some of its tand for $100,000 cash, but the sale results in a capital loss The Board of Drecto decides to pay $250,000 in dividends to its shareholders. This is in addition to the $3.500 of interest & pays on the bands and the $1,500 it pays to Nolan on the money he loaned JJC. The income and expenses of JJC for 20X6, taxable income, and current E&P provided in the Table below. Corporate Agreement Taxable Income Current EXP Amount Income Taxable Income Sales COGS 176,500 412,000 150,000 412,000 (150,000) Chapter Two Pashe Sed Cupteros PhQ2 pay $250,000 in dividenas to its snarenoiders. Inis is in acomon to the 3.500 or interest it pays on me onas ana Help $1,500 It pays to Nolan on the money he loaned JJC. The income and expenses of JJC for 20X6, taxable income and content at provided in the Table below. Corporate Agreement Taxable Current Amount Income EXP 176,500 412,000 150,000 133,000 1,000 412,000 (150,000) 133,000 1,000 Income Taxable Income Sales COGS Dividends (own 5%) Muni Bond Interest Expenses Capital loss Interest Expense Operating Expenses Key Life Insurance Premiums Taxable income before Special Deductions Charitable Contributions Dividend Receivable Deduction Taxable Income Federal Income Tax 32,935 5,000 120, cee 6,000 30,000 (32,935) (5.00) (120,000) (6.000) 270,000 (27,000) (3,600) 166,500) 66,500 176,500 37.865 (32.065) 165,000 Current E&P Analyze the information provided to reconcile the shareholders' beginning and ending boses in their stock to determine the federata consequences of JJC's corporate distributions (Decreases should be entered with a minus sign.) Chapter Two Pashe Sed Cupteros PhQ2 pay $250,000 in dividenas to its snarenoiders. Inis is in acomon to the 3.500 or interest it pays on me onas ana Help $1,500 It pays to Nolan on the money he loaned JJC. The income and expenses of JJC for 20X6, taxable income and content at provided in the Table below. Corporate Agreement Taxable Current Amount Income EXP 176,500 412,000 150,000 133,000 1,000 412,000 (150,000) 133,000 1,000 Income Taxable Income Sales COGS Dividends (own 5%) Muni Bond Interest Expenses Capital loss Interest Expense Operating Expenses Key Life Insurance Premiums Taxable income before Special Deductions Charitable Contributions Dividend Receivable Deduction Taxable Income Federal Income Tax 32,935 5,000 120, cee 6,000 30,000 (32,935) (5.00) (120,000) (6.000) 270,000 (27,000) (3,600) 166,500) 66,500 176,500 37.865 (32.065) 165,000 Current E&P Analyze the information provided to reconcile the shareholders' beginning and ending boses in their stock to determine the federata consequences of JJC's corporate distributions (Decreases should be entered with a minus sign.) Chapter 2 PL Q Chapter Two Pache SAMA Dividend Receivable Deduction Taxable income Federal Income Tax Current E&P Sted Daerah (66 See) 176,58 37,665 66,500 Analyze the information provided to reconcile the shareholders' beginning and ending bases in their stock to determine the federal tak consequences of JUC's corporate distributions (Decreases should be entered with a minus sign.) (37,865) 165,000 Shareholder Ownership Percentage (%) Beginning Basis in Stock Chao Increases or (Decreases) Ending 1 2 Basis in Stock 3 4 Iris 7 8 9 10 Taxation Dividends. Capital Genel 5. Dividends 6. Capital gains 11 Dividends 12 Capital gains 17 Dividends 18 Capital gains Nolan 13 14 15 16