What deduction will ABC be able to take for the distribution

Assignment Help Accounting Basics
Reference no: EM132529722

Question - ABC Trust has taxable income before distributions for the year of $20,000 and distributable net income of $18,000. During the year it distributed $21,000 to its beneficiaries. What deduction will ABC be able to take for the distribution?

a. $0.

b. $18,000.

c. $20,000.

d. $21,000.

Reference no: EM132529722

Questions Cloud

Who invented the famous ethical dilemma : Who invented the famous ethical dilemma known as the Trolley problem
To what extent do the life of study that aristotle endorses : To what extent do the life of study that Aristotle endorses and the 'most pleasant life' seem to coincide?
Legal claims against capstone corporation : Does Paula have any legal claims against Capstone Corporation? What about Paula's actions? Does Paula have a contract with Freddy to purchase the car?
Acknowledge that pleasure is a good thing : Why do you think Aristotle is determined to both acknowledge that pleasure is a good thing, but not make it into the final end?
What deduction will ABC be able to take for the distribution : During the year it distributed $21,000 to its beneficiaries. What deduction will ABC be able to take for the distribution
What would be contribution? margin : If Mr. Schrute prepares a contribution margin income statement for the month of? June, what would be his contribution? margin?
What amount of loss on factoring Quarantino Company report : The customer paid the note to the bank on maturity date. What amount of loss on factoring should Quarantino Company report for 2020
Make table showing the total annual cost of ordering : Make table showing the total annual cost of ordering and storing XL-20 for each of the following order quantities: 450, 900, and 1,800 canisters.
Determine break down the spending variance : Determine Break down the spending variance above into a variable overhead rate variance and a variable overhead efficiency variance

Reviews

Write a Review

Accounting Basics Questions & Answers

  Calculate the average annual dividend per share for each

love theatre inc. owns and operates movie theaters throughout new mexico and utah. love theatre has declared the

  Differentiate between operating activities

Differentiate between operating activities, investing activities, and financing activities.

  Prepare a process costing departmental production report

Prepare a process costing departmental production report for the department using the weighted-average method. Round the cost per unit to the nearest cent.

  What is the net realizable value of the receivables

Uncollectible accounts are estimated to total $25,790 at the end of the period. What is the net realizable value of the receivables at the end of the period

  Discuss relevance of accounting conventions of consistency

Walker Parking, which operates a six-story parking building, has a calendar year-end. It serves daily and hourly parkers, as well as monthly parkers.

  Partner d of the equal def partnership has a basis in her

partner d of the equal def partnership has a basis in her partnership iterest of 7000. the partnership distributes

  American-based companies are required to adhere to us gaap

american-based companies are required to adhere to u.s. gaap generally accepted accounting principles however as

  Compute depreciation expense for specific years

Compute depreciation expense for the years 2010 and 2011 and show the book value of the machine on December 31, 2011 using each method below:

  Discuss the pros and cons of starting out as a regular c

Discuss the pros and cons of starting out as a regular C corporation versus a sole proprietorship

  Prepare journal entries to record the selected transactions

A company is authorized to issue 800,000 shares of $6 par value common stock. Prepare journal entries to record the following selected transactions.

  List fixed and variable expenses separately

Cimarron Company's fixed budget performance report for July follows. The $630,000 budgeted expenses include $588,000 variable expenses and $42,000.

  The following data are the actual results for marvelous

the following data are the actual results for marvelous marshmallow company for october. actual output

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd