Question: Woodpecker Inc a C corporation with 8 5 million in assets
Woodpecker, Inc., a C corporation with $8.5 million in assets, deducted amortization of $40,000 on its financial statements and $55,000 on its Federal tax return. Is Woodpecker required to file Schedule M–3? If a Schedule M–3 is filed by Woodpecker, how is the difference in amortization amounts treated on that schedule?
Answer to relevant QuestionsDove Corporation, a calendar year C corporation, had the following information for 2014: Net income per books (after-tax)........... $386,250 Taxable income.................. 120,000 Federal income tax per ...Sarah incorporates her small business but does not transfer the machinery and equipment used by the business to the corporation. Instead, the machinery and equipment are leased to the corporation for an annual rent. What tax ...Penguin Corporation (a cash basis, calendar year taxpayer) recorded the following income and expenses in the current year. Income from services ............... $400,000 Salaries paid to employees ............. ...Petrel Corporation has accumulated E & P of $85,000 at the beginning of the year. Its current-year taxable income is $320,000. On December 31, Petrel distributed business property (worth $140,000, adjusted basis of $290,000) ...Julio is in the 33% tax bracket. He acquired 2,000 shares of stock in Gray Corporation seven years ago at a cost of $50 per share. In the current year, Julio received a payment of $150,000 from Gray Corporation in exchange ...
Post your question