Reference no: EM131259479
Determine the amount of taxable income and separately stated items in each case, assuming the corporation is a Subchapter S corporation.
A. Book income of $64,000 including capital gains of $3,400, a charitable contribution of $1,200, and meals and entertainment of $4,500.
Taxable Income......
Separately Stated Items.....
B. Book income of $106,000 including capital losses of $8,500, a charitable contribution of $19,000, and meals and entertainment of $2,300.
Taxable Income......
Separately Stated Items.....
C. Book income of $83,000 including municipal bond interest of $1,650, a charitable contribution of $5,400, and dividends of $3,800 from a 10% owned domestic corporation. The corporation also has an $7,300 charitable contribution carryover.
Taxable Income......
Separately Stated Items.....
D. Book income of $143,000 including municipal bond interest of $1,850, a charitable contribution of $4,150, and dividends of $6,800 from a 70% owned domestic corporation. The corporation has a capital loss carryover of $5,150 and a capital gain of $2,300 in the current year.
Taxable Income......
Separately Stated Items.....
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