Whirly Bird Corporation, a calendar year C corporation, had $346,000 gross income from business operations and...

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Whirly Bird Corporation, a calendar year C corporation, had $346,000 gross income from business operations and $333,000 of allowable business expenses (other than contributions) for its current tax year. Whirly Bird Corporation also received $38,000 in dividends (in addition to the income mentioned above) from other domestic taxable corporations in which Whirly Bird Corporation owned 50 percent of their outstanding stock and made $8,000 in charitable contributions. What is the amount of Whirly Bird Corporation's taxable income in 2021? Dumbledore Corporation was formed on January 1, 2020. Mr. Smith owns 25% of the corporation's stock. The corporation made an S election immediately, and it is a calendar-year corporation. Mr. Smith contributed $16,000 cash to Dumbledore in exchange for his stock. On August 8, 2020, Dumbledore Corporation borrowed $22,000 from Mr. Smith, and $20,000 from First National Bank under a recourse financing arrangement. Dumbledore had losses from its operations of $104,000 in 2020 and $80,000 in 2021. At the end of 2021, Dumbledore Corporation had not repaid any of the loans from Mr. Smith or the bank. What part of Dumbledore Corporation's 2021 loss may Mr. Smith report on his 2021 individual tax return? In 2021, the Solstice Corporation has $405,600 in revenues and $291,500 in regular deductions plus it made charitable contributions of $34,500 and received dividends of $7,900 from another C corporation in which it owned 70% of the stock. What is the Solstice Corporation's tax liability (what does it need to pay) for 2021? Allan and Joe are partners in a calendar year partnership. For 2021 the partnership's ordinary income is $90,000 after subtracting guaranteed payments. Each partner received guaranteed payments of $4,000 per month. If Allan and Joe share capital, income and losses (70% to Allan and 30% to Joe), what are the amounts each partner would report on their 1040 for 2021 from this partnership? How much would they each have in self-employment income? Whirly Bird Corporation, a calendar year C corporation, had $346,000 gross income from business operations and $333,000 of allowable business expenses (other than contributions) for its current tax year. Whirly Bird Corporation also received $38,000 in dividends (in addition to the income mentioned above) from other domestic taxable corporations in which Whirly Bird Corporation owned 50 percent of their outstanding stock and made $8,000 in charitable contributions. What is the amount of Whirly Bird Corporation's taxable income in 2021? Dumbledore Corporation was formed on January 1, 2020. Mr. Smith owns 25% of the corporation's stock. The corporation made an S election immediately, and it is a calendar-year corporation. Mr. Smith contributed $16,000 cash to Dumbledore in exchange for his stock. On August 8, 2020, Dumbledore Corporation borrowed $22,000 from Mr. Smith, and $20,000 from First National Bank under a recourse financing arrangement. Dumbledore had losses from its operations of $104,000 in 2020 and $80,000 in 2021. At the end of 2021, Dumbledore Corporation had not repaid any of the loans from Mr. Smith or the bank. What part of Dumbledore Corporation's 2021 loss may Mr. Smith report on his 2021 individual tax return? In 2021, the Solstice Corporation has $405,600 in revenues and $291,500 in regular deductions plus it made charitable contributions of $34,500 and received dividends of $7,900 from another C corporation in which it owned 70% of the stock. What is the Solstice Corporation's tax liability (what does it need to pay) for 2021? Allan and Joe are partners in a calendar year partnership. For 2021 the partnership's ordinary income is $90,000 after subtracting guaranteed payments. Each partner received guaranteed payments of $4,000 per month. If Allan and Joe share capital, income and losses (70% to Allan and 30% to Joe), what are the amounts each partner would report on their 1040 for 2021 from this partnership? How much would they each have in self-employment income?

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Taxable Income Calculations Whirly Bird Corporation Start with gross income 346000 Subtract allowable business expenses 346000 333000 13000 taxable in... View the full answer