Jim corporation is owned by two equal shareholders, C and M. Jim corporation has taxable income of
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Jim corporation is owned by two equal shareholders, C and M. Jim corporation has taxable income of 400,000 for the current tax year. C and M decided to separate Jim corporation into four smaller corporations allocating taxable income for the current tax year of $100,000 to each of the four smaller corporations. The four separate corporations constitute a “controlled Corporation” under the federal income Tax definition of controlled corporations. The combined tax liability for the four separate corporations for the current tax year is?
Related Book For
South Western Federal Taxation 2016 Corporations Partnerships Estates and Trusts
ISBN: 9781305399884
39th edition
Authors: James Boyd, William Hoffman, Raabe, David Maloney, Young
Posted Date: