During the tax year, Z Co. had the following items: Gross income from operations $90,000 Dividends received
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During the tax year, Z Co. had the following items:
Gross income from operations | $90,000 |
Dividends received | $50,000 |
Dividends received deduction | $25,000 |
Deductible ordinary business expenses | $30,000 |
Contributions to capital | $10,000 |
Federal income tax refund | $40,000 |
Tax-exempt interest income | $25,000 |
Charitable contributions | $3,000 |
Straight line depreciation | $7,000 |
Accelerated depreciation in excess of straight line | $3,200 |
Capital losses | $70,000 |
Capital loss carryovers | $4,800 |
Federal income taxes paid | $15,000 |
Net operating loss carryover | $30,000 |
Z Co.'s current E&P is
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date: