How much taxable income, Taxation

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Stewie loaned a friend $12,500 to buy some stock 3 years ago. In the
current year the debt became worthless.
a. How much is Stewie's deduction for the bad debt for this year? (Assume he has no
other capital gains or losses.)
b. What can Stewie do with the deduction not used this year?
Question # 7:
Quince Corporation has taxable income of $450,000 for its 2012 calendar tax year.
Calculate the corporation's income tax liability for 2012 before tax credits.
Question # 8:
Ulmus Corporation has $1,230,000 in taxable income for 2012. Calculate the corporation's income tax liability for 2012.
Question # 9:
For its 2012 tax year, Ilex Corporation has ordinary income of $240,000, a short-term capital loss of $60,000, and a long-term capital gain of $20,000. Calculate Ilex Corporation's tax liability for 2012.
Question # 10:
Cedar Corporation has an S corporation election in effect. During the 2012 calendar tax year, the corporation had ordinary taxable income of $200,000, and on January 15,2012, the corporation paid dividends to shareholders in the amount of $120,000.
a) How much taxable income, in total, must the shareholders of the corporation report
on their 2012 tax returns?
b) Explain your answer.


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