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Flycatcher Corporation, a C corporation, has two equal individual shareholders, Nancy and Pasqual. In the current year, Flycatcher earned $200,000 net profit and paid a dividend of $40,000 to each shareholder. Regardless of any tax consequences resulting from their interests in Flycatcher, Nancy is in the 28% marginal tax bracket and Pasqual is in the 35% marginal tax bracket. With respect to the current year, which of the following statements is incorrect?
a. Flycatcher pays corporate tax on $200,000
b. Nancy incurs income tax of $6,000 on her dividend income.
c. Pasqual incurs income tax of $6,000 on his dividend income.
d. Flycatcher can avoid the corporate tax altogether by paying out all $200,000 of net profit as dividends to the shareholders.
e. None of the above.
Stockton Corporation purchased equipment for $32,000. Stockton also paid $400 for freight and insurance while the equipment was in transit. Sales tax amounted to $240. Insurance, taxes, and maintenance the first year of use cost $1,000. How much s..
We have two possible ways that Edwina could purchase her car; she could pay for it outright from her savings. Or, she could get a loan to pay for the car. What are the benefits of purchasing the car outright include or getting a loan? Is there ano..
Ensnada Mfg. Co, rpoduces candles that contain four raw materials: wax, dye, scented oil and a wick. Each candle usues eight ounces of wax and one ounce of die, which Ensinada purchase for $0.15 and $0.02 per ounce, respepctively.
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Construct the stockholders' equity section incorporating all the above information.
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Find an article of pertinence to either current tax issues, policies, or laws, and post a link to that article in a discussion thread. Summarize the article you chose to begin the discussion.
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