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Please answer all questions, thanks 22. The TDH Corp. is a taxable entity. Tom, who is the T in TDH, owns 40% of the outstanding
Please answer all questions, thanks
22. The TDH Corp. is a taxable entity. Tom, who is the "T" in "TDH", owns 40% of the outstanding common stock of the corporation. During 2019, TDH reported $300,000 of income that is subject to income taxes on some basis. Also during 2019, the corporation declared and paid total cash dividends of $225,000. (a) How much taxable income will this corporation report and pay taxes on? (b) How much taxable income from this corporate investment will Tom include on his 2019 individual tax return? 23. The KLM Corp. is a subchapter "S" corporation, Ken, who is the "K" in "KLM" owns 40% of the outstanding common stock of the corporation. During 2019, tffe KLM reported $300,000 of income that is subject to income taxes on some basis. Also during 2019, the corporation declared and paid total cash dividends of $225,000. (a) How much taxable income will this subchapter "S" corporation report and pay taxes on? (b) How much taxable income from this corporate investment will Ken include on his 2019 individual tax returnStep by Step Solution
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