Dove Corporation, a calendar year C corporation, had the following information for 2016: Net income per books

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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.

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South Western Federal Taxation 2017 Comprehensive

ISBN: 9781305874169

40th Edition

Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young

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