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Marjorie Corporation's Total reasonable business needs for 2021 was $320.000. Marjorie Corporation's Accumulated Earnings And Profits (E&P) at the beginning of 2021 was $210,000
Marjorie Corporation's "Total" reasonable business needs for 2021 was $320.000. Marjorie Corporation's Accumulated Earnings And Profits (E&P) at the beginning of 2021 was $210,000 (including consideration for the Dividends listed below). Marjorie Corporation also had the following information for 2021 Taxable income $350,000, Federal Income Tax $119,000, Dividends Received (less than twenty percent (20%) owned domestic corporation). $100,000: Cash Dividends Paid in 2021 $40,000; Dividends Paid January 31, 2022-$20,000; Consent Dividends $10,000; Excess Charitable Contributions-$16.000, Net Capital Loss Adjustment-$8,000. The Dividends Paid Deduction for purposes of the Accumulated Earnings Tax for Marjorie Corporation for the year of 2021 is O$ 40,000 O $ 70,000, O $100,000. O$ 60.000, QUESTION 2 Marjorie Corporations "Total" reasonable business needs for 2021 was $320,000, Marjorie Corporation's Accumulated Earnings And Profits (E&P) at the beginning of 2021 was $210,000 (including consideration for the Dividends listed below). Marjorie Corporation also had the following information for 2021: Taxable Income- $350,000; Federal Income Tax-$119,000; Dividends Received (less than twenty percent (20%) owned domestic corporation) $100,000; Cash Dividends Paid in 2021-$40,000; Dividends Paid January 31, 2022- $20,000; Consent Dividends $10,000; Excess Charitable Contributions-$16,000; Net Capital Loss Adjustment- $8,000. The Accumulated Earnings Tax for Marjorie Corporation for the year of 2021 is: O $ 40,000, O$ 20,000. O$ 19,400. $100,000. QUESTION 3
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