Reference no: EM132493905
Question 1 - Determine taxable income in each of the following independent cases. In all cases, the company was very profitable in all years prior to 2017 and it had retained earnings of $1,000,000 at the end of 2017.
1. In 2019, Company C has taxable income of $37,800 prior to consideration of any net operating loss. In 2018, the Company incurred a net operating loss of $32,560. Determine 2019 taxable income.
2. In 2019, Company D has taxable income of $37,800 prior to consideration of any net operating loss. In 2017, the Company incurred a net operating loss of $5,400. They elected to waive the carryback period. In 2018, the Company incurred a net operating loss of $43,200. Determine 2019 taxable income.
Question 2 - Kim has a basis in her partnership interest of $13,000 when she receives a distribution from the partnership of $6,500 cash and equipment with a basis of $8,750 ($13,125 FMV).
1. What is Kim's ending partnership basis?
2. What is Kim's basis in the equipment?
Question 3 - In each of the following independent cases, determine the amount of business interest expense deduction and disallowed interest expense carryforward, if any.
Company C has taxable income of $61,200 which includes business interest expense of $65,600 and depreciation of $57,000.
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Record the purchase of the treasury stock
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What is Kims ending partnership basis
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