Neon Cleaning, Inc. provides cleaning services in Atlanta, Georgia. It is not a member of a controlled or an affiliated group. Neon reports the following results for the current year: (Click the icon to view results.) Neon's accumulated E&P balance and its reasonable business needs on January 1 of the current year, were $140,000. The firm can justify the - More info ... Requirements a. and b. What is Neon's accumulated taxable income and accumulated earnings tax liability? Taxable income $ 610,000 Begin by entering the positive adjustments to regular taxable income, then enter the negative adjustments and compute the accumulated taxabl Federal income taxes 128,100 95,000 610000 Dividends paid in August of the current year Included in taxable income are the following items that may require special treatment: 20000 95000 Taxable income Plus: Dividend-received deduction Excess charitable contributions carried over from a preceding tax year and deducted in the current year Minus: Dividends-paid deduction Net capital gain minus the amount of any associated income taxes Accrued U.S. and foreign income taxes Accumulated earnings credit $ $ Long-term capital gains 20,000 Short-term capital gains 9,000 128100 Dividends from 22%-owned domestic corporation 110,000 Excess charitable contributions from last year that are deductible in the current year Accumulated taxable income 20,000 Times: Tax rate 20 Accumulated earnings tax liability Print Done Next Neon Cleaning, Inc. provides cleaning services in Atlanta, Georgia. It is not a member of a controlled or an affiliated group. Neon reports the following results for the current year: (Click the icon to view results.) Neon's accumulated E&P balance and its reasonable business needs on January 1 of the current year, were $140,000. The firm can justify the - More info ... Requirements a. and b. What is Neon's accumulated taxable income and accumulated earnings tax liability? Taxable income $ 610,000 Begin by entering the positive adjustments to regular taxable income, then enter the negative adjustments and compute the accumulated taxabl Federal income taxes 128,100 95,000 610000 Dividends paid in August of the current year Included in taxable income are the following items that may require special treatment: 20000 95000 Taxable income Plus: Dividend-received deduction Excess charitable contributions carried over from a preceding tax year and deducted in the current year Minus: Dividends-paid deduction Net capital gain minus the amount of any associated income taxes Accrued U.S. and foreign income taxes Accumulated earnings credit $ $ Long-term capital gains 20,000 Short-term capital gains 9,000 128100 Dividends from 22%-owned domestic corporation 110,000 Excess charitable contributions from last year that are deductible in the current year Accumulated taxable income 20,000 Times: Tax rate 20 Accumulated earnings tax liability Print Done Next