Questions from Federal Taxation

Q: Marcia, a shareholder in a corporation with stores in five states

Marcia, a shareholder in a corporation with stores in five states, donated stock with a basis of $10,000 to a qualified charitable organization in 2016. Although the stock of the corporation was not t...

Q: During the current year, Swallow Corporation, a calendar year C

During the current year, Swallow Corporation, a calendar year C corporation, has the following transactions: Income from operations………………………………….$660,000 Expenses from operations………………………………....720,0...

Q: In each of the following independent situations, determine the dividends received

In each of the following independent situations, determine the dividends received deduction. Assume that none of the corporate shareholders owns 20% or more of the stock in the corporations paying the...

Q: Gull Corporation, a cash method, calendar year C corporation,

Gull Corporation, a cash method, calendar year C corporation, was formed and began business on November 1, 2017. Gull incurred the following expenses during its first year of operations (November 1, 2...

Q: Egret Corporation, a calendar year C corporation, was formed on

Egret Corporation, a calendar year C corporation, was formed on March 6, 2017, and opened for business on July 1, 2017. After its formation but prior to opening for business, Egret incurred the follow...

Q: In each of the following independent situations, determine the corporation’s income

In each of the following independent situations, determine the corporation’s income tax liability. Assume that all corporations use a calendar year for tax purposes and that the tax year involved is 2...

Q: Red Corporation and White Corporation, both calendar year C corporations,

Red Corporation and White Corporation, both calendar year C corporations, are members of a controlled group of corporations. For the current year, Red has taxable income of $130,000, and White has tax...

Q: Kathleen and Glenn decide that this is the year to begin getting

Kathleen and Glenn decide that this is the year to begin getting serious about saving for their retirement by participating in their employers’ § 401(k) plans. As a result, they each have $3,000 of th...

Q: The following information for 2017 relates to Sparrow Corporation, a calendar

The following information for 2017 relates to Sparrow Corporation, a calendar year, accrual method taxpayer. Net income per books (after-tax)…………………………………………….……….$174,100 Federal income tax expense...

Q: Dove Corporation, a calendar year C corporation, had the following

Dove Corporation, a calendar year C corporation, had the following information for 2017: Net income per books (after-tax)……………………………………………………………$386,250 Taxable income……………………………………………………………………………………...