What impact would it have if taxable interest

Reference no: EM133500716

Case: Marital Aids Inc. reported the following results last year:

Gross income from sales	$50,000
Salaries	20,000
Overhead	25,000
Capital gains	200,000
Net operating loss from previous year	30,000
Dividends from U.S. sources	40,000
Tax-exempt interest	10,000
Taxable interest	35,000
Income tax paid (including $59,650 on capital gains)	62,050

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

Adjusted ordinary gross income.

Personal holding company income.

Undistributed personal holding company income.

Current dividend required to avoid personal holding company tax.

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

Reference no: EM133500716

Questions Cloud

How does it contribute to the literature and practice : How does it contribute to the literature and practice? What are the similar findings from prior research - what do the prior research say about the issue

Prepare a worksheet to consolidate the financial information : Prepare a worksheet to consolidate the financial information for these two companies.

List all debit entries before credit : If no entry is required, select No Entry" for the account titles and enter for the amounts. List all debit entries before credit

??why would a high current ratio indicate that the company : What questions would you want answered in considering the credit worthiness of this small business? ??Why would a high current ratio indicate that the company

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

What is the second largest ebt percentage : What is the Second Largest EBT percentage using the common size income statement? State the formula that can be entered in cell D39

Advantages and disadvantages of social media : In the Accounting Information System world, what are the advantages and disadvantages of Social media and its effect on individual life as well as businesses

How to convert parents beginning retained earnings : How to convert parents beginning retained earnings to full accrual basis? to get the retained earnings 1/1/15 on the credit side

What are the four audit evidence decisions : What are the four audit evidence decisions. Explain what the four audit evidence decisions are. Later explain each audit.

User Account

All Pages