Reference no: EM13135824
3. Munju Corporation is a calendar year, manufacturing corporation which was formed in 1974 and had accumulated earnings and profits of $200,000 as of the end of the preceding taxable year. During the current year, Munju Corporation had taxable income of $400,000. Munju
Corporation has not yet paid any dividends during the current year. As of the end of the current taxable year, Munju Corporation can justify $275,000 as being needed to meet reasonable business needs.
REQUIRED: It is now December 31st. Please compute how much needs to be paid in dividends to avoid the accumulated earnings tax. In addition, please state when these dividends need to be paid.
4. Arekay Corporation is a personal service corporation which had $7,000,000 of accumulated earnings & profits as of the end of the preceding taxable year. During the current taxable year, Arekay Corporation had net income after-tax of $100,000, and Arekay Corporation distributed
$100,000 in dividends during the current taxable year. As of the end of the current taxable year, Arekay Corporation can only justify $125,000 as being needed to meet reasonable business needs.
REQUIRED: It is now 3 months after the end of the current taxable year. How much, if any, accumulated earnings tax will the IRS assess against Arekay Corporation?
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: It is now 3 months after the end of the current taxable year. How much, if any, accumulated earnings tax will the IRS assess against Arekay Corporation?
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