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Catbird taxable income

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Reference no: EM13756777

Janice is the sole owner of Catbird Company. In the current year, Catbird had

Operating income of                                                           $100,000

A long-term capital gain of                                                     15,000

A short-term capital loss of                                                  -17,500

Dividend income of (stock owned = 2%)                                  8,000

A charitable contribution of                                                     5,000

Distribution to Janice of                                                          70,000

Catbird is a regular domestic corporation and is not a professional service corporation.

How much is Catbird's taxable income?  Show your work.

Can you definitively say that the distribution to Janice was a dividend?  Yes or no. Explain.

Catbird paid a salary of $300,000 to Janice to serve as CEO.  If the IRS proposes that this salary is excessive and no more than $175,000 can possibly be justified, what will be the result to Catbird and Janice?  Explain.

Assuming taxable income was $55,000, how much is Catbird"s federal income tax for the year? Show your work

Reference no: EM13756777

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