In each of the following independent situations indicate

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In each of the following independent situations, indicate the effect on taxable income and E & P, stating the amount of any increase that occurs as a result of the transaction. Assume E&P has already been increased by taxable income. Transaction Taxable Income Increase E&P Increase 1. Realized gain of $80,000 on involuntary conversion of building 2. Mining exploration costs incurred on May 1 of the current year; $24,000 is deductible from current-year taxable income 3. Sale of equipment to unrelated third party for $240,000; basis is $120,000 4.Dividends of $20,000 received from 5%-owned corporation, together with dividends received deduction . 5. Domestic production activities deduction of $45,000 is claimed in current year. 6. Section 179 expense deduction of $100,000 in current year. 7. Impact of current-year section 179 expense deduction for previous item in succeeding year. 8. MACRS depreciation of $80,000. ADS depreciation would have been $90,000. 9. Federal income taxes paid in the current year of $80,000.

Reference no: EM13481266

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