User Account

All Pages

What is pheasants current e and p

Assignment Help Taxation
Reference no: EM13343144

-Pheasant Corporation ended its first year of operations with taxable income of $225,000. At the time of Pheasant's formation, it incurred $50,000 of organizational expenses. In calculating its taxable income for the year, Pheasant claimed an $8,000 deduction for the organizational expenses. What is Pheasant's current E & P?

a. $175,000.
b. $183,000.
c. $225,000.
d. $233,000.
e. None of the above.

- During the current year, Goose Corporation sold equipment for $500,000 (adjusted basis of $260,000). The equipment was purchased a few years ago for $560,000 and $300,000 in MACRS deductions have been claimed. ADS depreciation would have been $200,000. As a result of the sale, the adjustment to taxable income needed to determine current E & P is:

a. No adjustment is required.
b. Subtract $100,000.
c. Add $100,000.
d. Add $80,000.
e. None of the above.

 

Reference no: EM13343144

Questions Cloud

How does additional payment impact tungsten e and p : Tungsten paid an additional $1,000 in Federal income taxes. How does the additional payment of $1,000 impact Tungsten's E & P?
What is the angular velocity of the cyclinder : A solid cylinder (with a radius of 25cm and a mass of 4.4kg) is rotating counterclockwise with an angular speed of 0.5 revolutions per second just above a flat surface. What is the angular velocity of the cyclinder after .35 seconds slipping
Explain the atoms in the periodic table span seven shells : The atoms in the periodic table span 7 shells. Order them from lowest to highest energy. Why do they have this order
Find the value of the effective spring stiffness constant : Chiana is stalking a fly of mass 0.10 g, but the fly gets caught in a spider's web. What is the value of the effective spring stiffness constant k for the web
What is pheasants current e and p : In calculating its taxable income for the year, Pheasant claimed an $8,000 deduction for the organizational expenses. What is Pheasant's current E & P?
How much of tracys distribution will be taxed as a dividend : Payment for one-half of the sale of the asset was made this year. How much of Tracy's distribution will be taxed as a dividend?
What is the companys cik number : What is the companys CIK number - What is the companys Ticker Symbol and fiscal yearend?
Explain the oxygen from water needs 1-methylcyclohexanol : 1-methylcyclohexanol reacted with 1. RCO3H 2.H+,H20 location of the Oxygen from water needs to be indicated in the final product
How much of ashley distribution will be taxed as a dividend : Before considering the effect of the asset sale, Parrot's current year E & P is $400,000 and it has no accumulated E & P. How much of Ashley's distribution will be taxed as a dividend?

Reviews

Write a Review

Taxation Questions & Answers

  Net amount of costs for the department

The human resources department costs are owed using the direct method and based on the number of employees, and the net amount of costs for the department is $187,000.

  Disregarding any provision for federal income taxes

Disregarding any provision for Federal income taxes, Platinum Corporation's current E & P is.

  Net effect of arrangement-reduction in income tax liability

The net effect of this arrangement is a reduction in their income tax liability - Will Carol and Jared''s plan work? Explain

  What are the us tax consequences of hans us activities

Compute Cholati's branch profits tax, and determine its branch interest withholding tax obligations. Assume that Cholati does not reside in a treaty country - What are the tax advantages of operating in the United States through an unincorporated b..

  Advantage of the presidential election campaign

Take advantage of the presidential election campaign check-off. John is an accountant. Other relevant information includes

  What is the source of his salary from sails international

What factors affect the choice of a cash or accrual basis and does Lee have a choice of the basis he adopts?

  Compute the gain realized with payment received

Compute the Gain Realized with payment received. What is Carole's interest basis at the end of Year One and find the amounts of capital and ordinary income that Carole recognizes with each payment.

  Identify the problems that appear to exist in ferguson

Identify the problems that appear to exist in Ferguson & Son Manufacturing Company's budgetary control system and explain how the problems are likely to reduce the effectiveness of the system.

  Taxation problem

Wu has carried on a business of manufacturing toys in Hong Kong for many years. The business closes its accounts to 31 December each year. The tax written down values of plant and machinery - hong kong taxation

  What is the firms total cost based upon the eoq

What is the firms total cost based upon the EOQ calculated above and how many units of safety should the firm hold and what is the firm's re-order point for the item on inventory being evaluated?

  Effective funding strategies in areas

What are highest priorities to think when acquiring another company, business, or other organization?

  When is aqua first exempt from amt as a small corporation

The tax credit for rehabilitation expenditures is available to help offset the costs related to substantially rehabilitating certain buildings. The credit is calculated on the rehabilitation expenditures incurred and not on the acquisition cost of..

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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