1. Marjorie corporations total reasonable business needs for 2021 was $320,000. Marjorie corporation accumulated earnings and profits...
Question:
1. Marjorie corporations "total" reasonable business needs for 2021 was $320,000. Marjorie corporation accumulated earnings and profits ( E & P) at the beginning of 2021 was $210,000 ( including consideration for the dividends listed below) Marjorie Corporation also had the following information for 2021. Taxable income $350000, federal income tax $119,000,dividends received ( less than 20% owned domestic corporation $ 100,000,Cash dividends paid in 2021 $ 40,000, dividends paid January 31 2021 $ 20,000, Consent dividends $ 10,000,Excess charitable contribution $ 16,000. Net capital loss adjustment $ 8000.The Accumulated taxable income for purpose of the Accumulated Earnings tax for Marjorie's Corporation for the year of 2021 is,
$97000
$90000
$110000
$100000
2. Marjorie corporations "total" reasonable business needs for 2021 was $320,000. Marjorie corporation's Accumulated earnings and profits ( E & P) at the beginning of 2021 was $210,000 ( including consideration for the dividends listed below) Marjorie Corporation also had the following information for 2021. Taxable income $350,000, federal income tax $119000, dividends received ( less than 20% owned domestic corporation)$ 100,000, Cash dividends paid in 2021, $ 40,000, dividends paid January 31 2021 $ 2,0000, Consent dividends $ 10,000,Excess charitable contribution $ 16,000, Net capital loss adjustment $ 8,000. The Accumulated Earnings Tax for Marjorie Corporation for the year of 2021 is
$100000
$40000
$20000
$19400
Please explain how?
South Western Federal Taxation 2017 Essentials Of Taxation Individuals And Business Entities
ISBN: 9780357109144
20th Edition
Authors: William A. Raabe, David M. Maloney, James C. Young, Annette Nellen