Please help me with multiple choice this is my 2nd attempt and I do not understand the calculations so explanations would also be helpful 1 1 Crocker and Company (CC) is a C corporation For the year, CC reported taxable income of $564,500 At the end of the year, CC distributed all its after tax earnings to Jimmy, the company's sole shareholder Jimmy's marginal ordinary tax rate is 37 percent and his marginal tax rate on dividends is 23 8 percent, including the net investment income tax What is the overall tax rate on Crocker and Company's pretax income (rounded to the nearest tenth) Multiple Choice 18 8 23 8 21 39 8 44 8 1 2 Logan, a 50 percent shareholder in Military Gear Incorporated (MG), is comparing the tax consequences of losses from C corporations with losses from S corporations Assume MG has a $105,000 tax loss for the year, Logan's tax basis in his MG stock was $152,500 at the beginning of the year, and he received $77,500 ordinary income from other sources during the year Assuming Logan's marginal tax rate is 24 percent, how much more tax will Logan pay currently if MG is a C corporation compared to the tax he would pay if it were an S corporation Multiple Choice $0 6,000 18,600 12,600 1 3 Roberto and Reagan are both 25 percent owner managers for Bright Light Incorporated Roberto runs the retail store in Sacramento, California, and Reagan runs the retail store in San Francisco, California Bright Light Incorporated generated a $126,400 profit companywide made up of a $75,400 profit from the Sacramento store, a ($26,000) loss from the San Francisco store, and a combined $77,000 profit from the remaining stores If Bright Light Incorporated is an S corporation, how much income will be allocated to Roberto Multiple Choice $31,600 00 $63,200 00 $75,400 00 $126,400 00 1 4 Roberto and Reagan are both 25 percent owner managers for Bright Light Incorporated Roberto runs the retail store in Sacramento, California, and Reagan runs the retail store in San Francisco, California Bright Light generated a $125,700 profit companywide made up of a $75,200 profit from the Sacramento store, a ($25,500) loss from the San Francisco store, and a combined $76,000 profit from the remaining stores If Bright Light is taxed as a partnership and it is decided that both Roberto and Reagan will be allocated 70 percent of his own store's profit, with the remaining profits allocated pro rata among all the owners, how much income will be allocated to Reagan in total Multiple Choice ($25,035 00) ($17,850 00) $4,877 50 $20,157 50 1 5 WFO Corporation has gross receipts according to the following schedule Year 1 $ 22 00 million Year 2 $ 25 00 million Year 3 $ 22 00 million Year 4 $ 29 50 million Year 5 $ 36 00 million Year 6 $ 25 00 million If WFO began business as a cash method corporation in Year 1, in which year would it have first been required to use the accrual method Multiple Choice Year 3 Year 4 Year 5 Year 6 None of the choices is correct 1 6 Coop Incorporated owns 36 percent of Chicken Incorporated Both Coop and Chicken are corporations Chicken pays Coop a dividend of $26,000 in the current year Chicken also reports financial accounting earnings of $36,000 for that year Assume Coop follows the general rule of accounting for investment in Chicken What is the amount and nature of the booktax difference to Coop associated with its investment in Chicken stock (ignoring the dividends received deduction) Multiple Choice $13,040 unfavorable $13,040 favorable $26,000 unfavorable $26,000 favorable None of the choices is correct 1 7 Orange Incorporated issued 20,500 nonqualified stock options valued at $41,000 (in total) The options vest over two yearshalf in 2022 (the year of issue) and half in 2023 One thousand options are exercised in 2023 with a bargain element on each option of $7 What is the 2023 booktax difference associated with the stock options Multiple Choice $13,500 unfavorable $7,000 favorable $23,750 unfavorable $23,750 favorable None of the choices is correct 1 8 In January 2021, Khors Company issued nonqualified stock options to its CEO, Jenny Because the company did not expect Jenny to leave the company, the options vested at the time they were granted with a total value of $51,000 In December of 2022, the company experienced a surge in its stock price, and Jenny exercised the options The total bargain element at the time of exercise was $62,000 For 2022, what is the booktax difference due to the options exercised Multiple Choice $11,000 unfavorable $11,000 favorable $51,000 unfavorable $62,000 favorable 1 9 Studios reported a net capital loss of $40,000 in Year 5 It reported net capital gains of $34,000 in Year 4 and $47,000 in Year 6 What is the amount and nature of the booktax difference in Year 6 related to the net capital carryover Multiple Choice $41,000 unfavorable $41,000 favorable $6,000 unfavorable $6,000 favorable 1 10 Tatoo Incorporated reported a net capital loss of $14,500 in 2022 The company had a net capital gain of $5,800 in 2020 and $4,500 in 2019 In 2021, although the company suffered a net operating loss, it had net capital gains of $2,500 What is the amount of Tatoo's capital loss carryover to 2023 remaining after it applies the carryback Top of Form Multiple Choice $1,700 $4,200 $8,700 $14,500 1 11 In 2022, Remsco has taxable income of $62,000 and a charitable contribution limit modified taxable income of $29,000 Remsco donated cash of $7,680 to a qualified public charity What is Remsco's current year charitable contribution deduction assuming Remsco makes any elections necessary to maximize its charitable contribution deduction Bottom of Form Multiple Choice $6,968 current year deduction $0 current year deduction $7,680 current year deduction $2,900 current year deduction 1 12 Jazz Corporation owns 50 percent of the Mitchell Corporation stock Mitchell distributed a $16,000 dividend to Jazz Corporation Jazz Corporations taxable income before the dividend was $100,600 What is the amount of Jazz's dividends received deduction on the dividend it received from Mitchell Corporation Multiple Choice $0 $8,000 $10,400 $16,000 1 13 Jazz Corporation owns 10 percent of the Mitchell Corporation stock Mitchell distributed a $20,000 dividend to Jazz Corporation Jazz Corporation's taxable income (loss) before the dividend income was ($3,000) What is the amount of Jazz's dividends received deduction on the dividend it received from Mitchell Corporation Multiple Choice $0 $8,500 $10,000 $14,750 None of the choices is correct 1 14 Jazz Corporation owns 10 percent of the Mitchell Corporation stock Mitchell distributed a $11,500 dividend to Jazz Corporation Jazz Corporation's taxable income (loss) before the dividend was ($6,500) What is the amount of Jazz's dividends received deduction on the dividend it received from Mitchell Corporation Multiple Choice $0 $2,500 $5,000 $5,750 None of the choices is correct

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Please help me with multiple choice this is my 2nd attempt and I do not understand the calculations so explanations would also be helpful. 1-1.

Please help me with multiple choice this is my 2nd attempt and I do not understand the calculations so explanations would also be helpful.

1-1. Crocker and Company (CC) is a C corporation. For the year, CC reported taxable income of $564,500. At the end of the year, CC distributed all its after-tax earnings to Jimmy, the company's sole shareholder. Jimmy's marginal ordinary tax rate is 37 percent and his marginal tax rate on dividends is 23.8 percent, including the net investment income tax. What is the overall tax rate on Crocker and Company's pretax income (rounded to the nearest tenth)?

Multiple Choice

18.8%
23.8%
21%
39.8%
44.8%

1-2. Logan, a 50-percent shareholder in Military Gear Incorporated (MG), is comparing the tax consequences of losses from C corporations with losses from S corporations. Assume MG has a $105,000 tax loss for the year, Logan's tax basis in his MG stock was $152,500 at the beginning of the year, and he received $77,500 ordinary income from other sources during the year. Assuming Logan's marginal tax rate is 24 percent, how much more tax will Logan pay currently if MG is a C corporation compared to the tax he would pay if it were an S corporation?

Multiple Choice

$0
6,000
18,600
12,600

1-3. Roberto and Reagan are both 25-percent owner/managers for Bright Light Incorporated. Roberto runs the retail store in Sacramento, California, and Reagan runs the retail store in San Francisco, California. Bright Light Incorporated generated a $126,400 profit companywide made up of a $75,400 profit from the Sacramento store, a ($26,000) loss from the San Francisco store, and a combined $77,000 profit from the remaining stores. If Bright Light Incorporated is an S corporation, how much income will be allocated to Roberto?

Multiple Choice

$31,600.00
$63,200.00
$75,400.00
$126,400.00

1-4. Roberto and Reagan are both 25-percent owner/managers for Bright Light Incorporated. Roberto runs the retail store in Sacramento, California, and Reagan runs the retail store in San Francisco, California. Bright Light generated a $125,700 profit companywide made up of a $75,200 profit from the Sacramento store, a ($25,500) loss from the San Francisco store, and a combined $76,000 profit from the remaining stores. If Bright Light is taxed as a partnership and it is decided that both Roberto and Reagan will be allocated 70 percent of his own store's profit, with the remaining profits allocated pro rata among all the owners, how much income will be allocated to Reagan in total?

Multiple Choice:

($25,035.00)
($17,850.00)
$4,877.50
$20,157.50

1-5. WFO Corporation has gross receipts according to the following schedule:

Year 1$ 22.00 millionYear 2$ 25.00 millionYear 3$ 22.00 millionYear 4$ 29.50 millionYear 5$ 36.00 millionYear 6$ 25.00 million

If WFO began business as a cash-method corporation in Year 1, in which year would it have first been required to use the accrual method?

Multiple Choice

Year 3
Year 4
Year 5
Year 6
None of the choices is correct.

1-6. Coop Incorporated owns 36 percent of Chicken Incorporated. Both Coop and Chicken are corporations. Chicken pays Coop a dividend of $26,000 in the current year. Chicken also reports financial accounting earnings of $36,000 for that year. Assume Coop follows the general rule of accounting for investment in Chicken. What is the amount and nature of the booktax difference to Coop associated with its investment in Chicken stock (ignoring the dividends received deduction)?

Multiple Choice

$13,040 unfavorable
$13,040 favorable
$26,000 unfavorable
$26,000 favorable
None of the choices is correct.

1-7. Orange Incorporated issued 20,500 nonqualified stock options valued at $41,000 (in total). The options vest over two yearshalf in 2022 (the year of issue) and half in 2023. One thousand options are exercised in 2023 with a bargain element on each option of $7. What is the 2023 booktax difference associated with the stock options?

Multiple Choice

$13,500 unfavorable
$7,000 favorable
$23,750 unfavorable
$23,750 favorable
None of the choices is correct.

1-8. In January 2021, Khors Company issued nonqualified stock options to its CEO, Jenny. Because the company did not expect Jenny to leave the company, the options vested at the time they were granted with a total value of $51,000. In December of 2022, the company experienced a surge in its stock price, and Jenny exercised the options. The total bargain element at the time of exercise was $62,000. For 2022, what is the booktax difference due to the options exercised?

Multiple Choice

$11,000 unfavorable
$11,000 favorable
$51,000 unfavorable
$62,000 favorable

1-9. Studios reported a net capital loss of $40,000 in Year 5. It reported net capital gains of $34,000 in Year 4 and $47,000 in Year 6. What is the amount and nature of the booktax difference in Year 6 related to the net capital carryover?

Multiple Choice

$41,000 unfavorable
$41,000 favorable
$6,000 unfavorable
$6,000 favorable

1-10. Tatoo Incorporated reported a net capital loss of $14,500 in 2022. The company had a net capital gain of $5,800 in 2020 and $4,500 in 2019. In 2021, although the company suffered a net operating loss, it had net capital gains of $2,500. What is the amount of Tatoo's capital loss carryover to 2023 remaining after it applies the carryback?

Top of Form

Multiple Choice

$1,700
$4,200
$8,700
$14,500

1-11. In 2022, Remsco has taxable income of $62,000 and a charitable contribution limit modified taxable income of $29,000. Remsco donated cash of $7,680 to a qualified public charity. What is Remsco's current-year charitable contribution deduction assuming Remsco makes any elections necessary to maximize its charitable contribution deduction?

Bottom of Form

Multiple Choice

$6,968 current-year deduction
$0 current-year deduction
$7,680 current-year deduction
$2,900 current-year deduction

1-12. Jazz Corporation owns 50 percent of the Mitchell Corporation stock. Mitchell distributed a $16,000 dividend to Jazz Corporation. Jazz Corporations taxable income before the dividend was $100,600. What is the amount of Jazz's dividends received deduction on the dividend it received from Mitchell Corporation?

Multiple Choice

$0
$8,000
$10,400
$16,000

1-13. Jazz Corporation owns 10 percent of the Mitchell Corporation stock. Mitchell distributed a $20,000 dividend to Jazz Corporation. Jazz Corporation's taxable income (loss) before the dividend income was ($3,000). What is the amount of Jazz's dividends received deduction on the dividend it received from Mitchell Corporation?

Multiple Choice

$0
$8,500
$10,000
$14,750
None of the choices is correct.

1-14. Jazz Corporation owns 10 percent of the Mitchell Corporation stock. Mitchell distributed a $11,500 dividend to Jazz Corporation. Jazz Corporation's taxable income (loss) before the dividend was ($6,500). What is the amount of Jazz's dividends received deduction on the dividend it received from Mitchell Corporation?

Multiple Choice