follows: D Corporation's taxable income for the year was computed as Gross income from operations.... Less:...
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follows: D Corporation's taxable income for the year was computed as Gross income from operations.... Less: Operating expenses.. Net income from operations Dividend income.. Long-term capital gain.... Less: Capital loss carryover.. Income before special deductions Net operating loss carryover Dividends-received deduction. Total of special deductions..... Taxable income $15,000 (7,000) $ 9,000 16,000 $1,000,000 (900,000) $ 100,000 20,000 8,000 $ 128,000 (25,000) $ 103,000 Additional information: 1. The corporation received $5,000 in tax-exempt interest income. 2. Included in operating expenses is depreciation of $130,000. Straight-line depre- ciation of the depreciable assets would have been $50,000. Compute the earnings and profits of D Corporation for the current year. follows: D Corporation's taxable income for the year was computed as Gross income from operations.... Less: Operating expenses.. Net income from operations Dividend income.. Long-term capital gain.... Less: Capital loss carryover.. Income before special deductions Net operating loss carryover Dividends-received deduction. Total of special deductions..... Taxable income $15,000 (7,000) $ 9,000 16,000 $1,000,000 (900,000) $ 100,000 20,000 8,000 $ 128,000 (25,000) $ 103,000 Additional information: 1. The corporation received $5,000 in tax-exempt interest income. 2. Included in operating expenses is depreciation of $130,000. Straight-line depre- ciation of the depreciable assets would have been $50,000. Compute the earnings and profits of D Corporation for the current year.
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Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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