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Compute the adjusted ordinary gross income

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Question - Martial aids Inc. reported the following results last year

Gross income from sales $50,000

Salaries $20,000

Overhead $25,000

Capital Gains $200,000

NOL from Prev Yr $30,000

Dividends from U.S. Sources $40,000

Tax-exempt interest $35,000

Taxable interest $35,000

Income tax paid (incl $59,650 on capital gains) $62,050

If the corporation has only four individual shareholders, compute the following:

a. Adjusted ordinary gross income

b. Personal holding company income

c. Undistributed personal holding company income

d. Current dividend required to avoid personal holding company tax

e. What impact would it have if taxable interest was only $12,000 and there was no NOL carryover?

Reference no: EM131997377

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