Home / Business / Accounting /12. For Corporation P to file a consolidated tax return with Corporation S, P must own what percentage of S's voting stock? Multiple Choice 100 percent. 80 percent. More than 50 percent. 50 percent or more. 20. Coop Incorporated owns 10 percent of Chicken Incorporated. At the end of the year, Coop has $100,000 in invested Chicken stock and Coop’s Chicken stock is worth $115,000. Both Coop and Chicken are corporations. Chicken pays Coop a dividend of $10,000 in the current year. Chicken also reports financial accounting earnings of $20,000 for that year. Assume Coop follows the general rule of accounting for investment in Chicken. What is the amount and nature of the book–tax difference to Coop associated with the dividend distribution (ignoring the dividends received deduction)? Multiple Choice $1000 unfavorable. $10,000 favorable. $15,000 unfavorable. $15,000 favorable. None of the choices is correct. 14. Remsco has taxable income of $60,000 and a charitable contribution limit modified taxable income of $72,000. Its charitable contributions for the year were $7,500. What is Remsco's current-year charitable contribution deduction and contribution carryover (assuming Remsco does not elect to use the 25% of modified taxable income to determine its charitable contribution deduction)? Multiple Choice $6,000 current-year deduction; $1,500 carryover. $7,500 current-year deduction; $0 carryover. $1,200 current-year deduction; $6,300 carryover. $7,200 current-year deduction; $300 carryover.

Question 12. For Corporation P to file a consolidated tax return with Corporation S, P must own what percentage of S's voting stock? Multiple Choice 100 percent. 80 percent. More than 50 percent. 50 percent or more. 20. Coop Incorporated owns 10 percent of Chicken Incorporated. At the end of the year, Coop has $100,000 in invested Chicken stock and Coop’s Chicken stock is worth $115,000. Both Coop and Chicken are corporations. Chicken pays Coop a dividend of $10,000 in the current year. Chicken also reports financial accounting earnings of $20,000 for that year. Assume Coop follows the general rule of accounting for investment in Chicken. What is the amount and nature of the book–tax difference to Coop associated with the dividend distribution (ignoring the dividends received deduction)? Multiple Choice $1000 unfavorable. $10,000 favorable. $15,000 unfavorable. $15,000 favorable. None of the choices is correct. 14. Remsco has taxable income of $60,000 and a charitable contribution limit modified taxable income of $72,000. Its charitable contributions for the year were $7,500. What is Remsco's current-year charitable contribution deduction and contribution carryover (assuming Remsco does not elect to use the 25% of modified taxable income to determine its charitable contribution deduction)? Multiple Choice $6,000 current-year deduction; $1,500 carryover. $7,500 current-year deduction; $0 carryover. $1,200 current-year deduction; $6,300 carryover. $7,200 current-year deduction; $300 carryover.

QKFNBM The Asker · Accounting

12.

For Corporation P to file a consolidated tax return with Corporation S, P must own what percentage of S's voting stock?

Multiple Choice

  • 100 percent.

  • 80 percent.

  • More than 50 percent.

  • 50 percent or more.

20.

Coop Incorporated owns 10 percent of Chicken Incorporated. At the end of the year, Coop has $100,000 in invested Chicken stock and Coop’s Chicken stock is worth $115,000. Both Coop and Chicken are corporations. Chicken pays Coop a dividend of $10,000 in the current year. Chicken also reports financial accounting earnings of $20,000 for that year. Assume Coop follows the general rule of accounting for investment in Chicken. What is the amount and nature of the book–tax difference to Coop associated with the dividend distribution (ignoring the dividends received deduction)?

Multiple Choice

  • $1000 unfavorable.

  • $10,000 favorable.

  • $15,000 unfavorable.

  • $15,000 favorable.

  • None of the choices is correct.

14. Remsco has taxable income of $60,000 and a charitable contribution limit modified taxable income of $72,000. Its charitable contributions for the year were $7,500. What is Remsco's current-year charitable contribution deduction and contribution carryover (assuming Remsco does not elect to use the 25% of modified taxable income to determine its charitable contribution deduction)?

Multiple Choice

  • $6,000 current-year deduction; $1,500 carryover.

  • $7,500 current-year deduction; $0 carryover.

  • $1,200 current-year deduction; $6,300 carryover.

  • $7,200 current-year deduction; $300 carryover.

More

Related Questions

On May 10, Sarasota Corp. issues 2.400 shares of $7 par value common stock for cash at $14 per share. Journalize the issuance of the stock. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit May 10 Credit
What annual rate of simple interest was charged on a loan of $6,200.00 that was issued on October 28, 2014, if it accumulated $449.20 in interest by March 4, 2015? % Round to two decimal places
2) A nurse measured the blood pressure of each person who visited her clinic. Following is a relative-frequency histogram for the systolic blood pressure readings for those people aged between 25 and 40 years. The blood pressure readings (in mm Hg) were given to the nearest whole number. Systolic Blood Pressure for People Aged 25-40 Years Relative Frequency 0.35 0.30- 0.25- 0.20 - 0.15 0.10- 0.05 0.00 100 110 120 130 140 150 160 Systolic Blood Pressure (mm Hg) (A) what class width was used to construct the relative frequency distribution? (5 pts) A) 9 years B) 100 years C) 11 years D) 10 years (B) Approximately what percentage of the people aged 25-40 had a systolic blood pressure reading between 130 and 149mm Hg Inclusive? (5pts) (C) 18 500 people participated in this survey, how many people belong to the class of 120-139 (5pts) < All iCloud ... use ti calculator formula
Determine the x-and y-coordinates of the centroid of the shaded area. Assume c = 6, a = 1.10, b = 1.90. = y 1 1 1 x 3 y=1+ © с ob- --X a b Answer: (1,5) = ( Locate the centroid of the shaded area. Set b= 0.40 a. y | *=a(1-1 y2 62 b * a Answer: (Ă, y) = ( Determine the x-and y-coordinates of the centroid of the shaded area. у | a | y = k2v x 1.20 a y = k123 Answers: (1. y) =(
Crich Corporation uses direct labor-hours in its predetermined overhead rate. At the beginning of the year, the estimated direct labor-hours were 21,940 hours and the total estimated manufacturing overhead was $530,948. At the end of the year, actual direct labor-hours for the year were 21,850 hours and the actual manufacturing overhead for the year was $530,948. Overhead at the end of the year was: (Round your Intermediate calculations to 2 decimal places.) Multiple Choice $2,228 underapplied $2,178 underapplied $2,178 overapplied $2,228 overapplied
For this week's discussion, you are asked to generate a continuous and differentiable function f (2) with the following properties: • f(x) is decreasing at x = -6 • f(x) has a local minimum at x = -3 • f (x) has a local maximum at x = 3 Hints: • Use calculus! • Before specifying a function f (2), first determine requirements for its derivative f' (2). For example, one of the requirements is that f' (-3) = 0. • If you want to find a function g(x) such that g(-9) = 0 and g(8) = 0, then you could try g(x) = (x + 9) (x – 8). • If you have a possible function for f' (2), then use the techniques in Indefinite Integrals this Module to try a possible f (x). You can generate a plot of your function by clicking the plotting option (the page option with a "P" next to your function input). You may want to do this before clicking "How Did I Do?". Notice that the label "f(2) =" is already provided for you. Once you are ready to check your function, click "How Did I Do?" below (unlimited attempts). Please note that the bounds on the x-axis go from -6 to 6. f(x) = How Did I Do? Try Another
About
About
Blog
Sitemap
More
Help Center
Become an Expert
Download App
Legal
Terms of Service
Privacy Policy
Honor Code
Copyright Policy
Contact
contact@studyx.im
Facebook
Instagram
Twitter
YouTube
Copyright © 2023 StudyX Inc