A US manufacturing entity shows the following information in its current year fi

Question

A US manufacturing entity shows the following information in its current year financial records: Net Income per Books: 700,000 Included in Net Income per Books are the following items: Federal Income Tax Expense Property Taxes Dividends Received from a 17%Owned Corporation 150,000 Net 1231 Loss Short-term capital gain Long-term capital gain Short-term capital loss Charitable Contributions 250,000 80,000 40,000 60,000 70,000 45,000 80,000 Based on this information, answer the questions asked in the spaces provided: a) Assume that the corporation is a C Corporation. Provide a schedule showing the corporation's taxable income for the year:

Explanation / Answer

a) Schedule showing the C Corporation Taxable income:

113900 + 34%(445000-335000)

= 151300

b) Separated Items:

Non- Separated items:

Thank you

Particulars Amount Federal Income Tax 250000 Property Taxes 80000 Dividend Received 150000 Net Loss -40000 Net Short Term Capital Gain 15000 Long Term Capital Gain 70000 Sub Total 525000 Less: Deductions: Charitable Contribution -80000 Net Income 445000 Corporate Tax Payable

113900 + 34%(445000-335000)

= 151300

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