Dove Corporation, a calendar year C corporation, had the following information for 2018: Net income per books
Question:
Dove Corporation, a calendar year C corporation, had the following information for 2018:
Net income per books (after-tax) ...................................................... $386,250
Taxable income ................................................................................... 120,000
Federal income tax per books .......................................................... 25,200
Cash dividend distributions ............................................................... 150,000
Unappropriated retained earnings as of January 1, 2018 ............. 796,010
Based on the above information, use Schedule M-2 of Form 1120 to determine Dove's unappropriated retained earnings balance as of December 31, 2018.
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...
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South-Western Federal Taxation 2019 Essentials Of Taxation Individuals And Business Entities
ISBN: 9781337702966
22nd Edition
Authors: William A. Raabe, James C. Young, Annette Nellen, David M. Maloney