New York Taxes

Sasha Incorporated had the following items of income and expenses: Rental Income Regular Interest Income Tax Exempt Interest Income Dividend Income Loss on sale of stock Total income $600,000 200,000 95,000 1,300.000 (75,000 2.120,000 Wages Expense Fines and Penalties Utilities Expense Rent Expense Depreciation Expense 1,250,000 35,000 50,000 75,000 15,000 Total Expenses 1.425,000 Sasha owns less than 15% of the companies it receives dividends from What is Sasha's taxable income for 2019? Please explain the rules you applied to come up with your answer. Does the exception to the general rule apply? PROBLEM #2 (30 PTS) Shirley, Linda, Ken and Larry formed SLKL, Inc. on January 15, 2019 as follows: They each received common stock for their contribution. Shirley - contributed cash of $600,000. Linda - contributed land (FMV $2,000,000: Cost basis $800,000: Liability assumed by corporation - 900,000 - taken out to pay personal credit card bills). Ken - contributed a patent (FMV - $250,000: Cost $100,000) Larry-contributed services worth $200,000 + 351 Please perform a complete analysis of the transaction and determine the tax effects of the transaction to both SLKL, Inc. and all the shareholders. Please show all work. Sasha Incorporated had the following items of income and expenses: Rental Income Regular Interest Income Tax Exempt Interest Income Dividend Income Loss on sale of stock Total income $600,000 200,000 95,000 1,300.000 (75,000 2.120,000 Wages Expense Fines and Penalties Utilities Expense Rent Expense Depreciation Expense 1,250,000 35,000 50,000 75,000 15,000 Total Expenses 1.425,000 Sasha owns less than 15% of the companies it receives dividends from What is Sasha's taxable income for 2019? Please explain the rules you applied to come up with your answer. Does the exception to the general rule apply? PROBLEM #2 (30 PTS) Shirley, Linda, Ken and Larry formed SLKL, Inc. on January 15, 2019 as follows: They each received common stock for their contribution. Shirley - contributed cash of $600,000. Linda - contributed land (FMV $2,000,000: Cost basis $800,000: Liability assumed by corporation - 900,000 - taken out to pay personal credit card bills). Ken - contributed a patent (FMV - $250,000: Cost $100,000) Larry-contributed services worth $200,000 + 351 Please perform a complete analysis of the transaction and determine the tax effects of the transaction to both SLKL, Inc. and all the shareholders. Please show all work