A Us entity that begin business last year shows the following information in its current year financial statement records:
Net Income per Books: 600,000
Included in Net Income per Books are the following items:
Federal Income Tax Expense 150,000
Property Taxes 30,000
Dividends Received from a 17% Owned Corporation 200,000
Net 1231 Loss 45,000
Short-Term Capital Gain 55,000
Long- Term capital Gain 75,000
Short term capital loss 25,000
Charitable Contributions 60,000
Last year, the entity generated a tax loss of 30,000
Required (a and b):
a) Assume that the corporation is a C corporation. Provide a schedule showing the corporation’s taxable income for the year.
b) Assume that the corporation is an S corporation. Compute the corporation’s non-separately stated ( ordinary income) and separately stated items.
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