Dove Corporation, a calendar year C corporation, had the following information for 2016: Net income per books
Question:
Dove Corporation, a calendar year C corporation, had the following information for 2016:
Net income per books (after-tax) ................................. $386,250
Taxable income ................................................................. 120,000
Federal income tax per books .......................................... 30,050
Cash dividend distributions ............................................ 150,000
Un-appropriated retained earnings, as of January 1, 2016 796,010
Based on the above information, use Schedule M-2 of Form 1120 (see Example 42 in the text) to determine Dove's un-appropriated retained earnings balance as of December 31, 2016.
Step by Step Answer:
South Western Federal Taxation 2017 Comprehensive
ISBN: 9781305874169
40th Edition
Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young