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What is happys realized and recognized gain or loss

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Question

1) Timex Corporation reports the following results for the current year:

Gross profits on sales $150,000

Dividends from less than 20% owned domestic corporation $30,000

Operating expenses $75,000

Charitable contributions in cash $13,000

What is Timex's charitable contribution deduction for the current year and is there a charitable contribution carryover available to the following year?

What is Timex's taxable income for the current year assuming qualifies production activities income is $30,000

2) Happy Corporation sells a truck for $18,000 to Marie, who owns 80% of Happy Corporation stock. The truck has a $22,000 adjusted basis on the sale date. Marie sells the truck to an unrelated party, Joseph for $32,000 two years later.

What is Happy's realized and recognized gain or loss on selling the truck?

What is Marie's realized and recognized gain or loss on selling the truck to Joseph?

Reference no: EM132380271

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