Homework Es Week 5 Essay

1791 words - 8 pages

Week 5 : C Corporations Concluded - Homework ES

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1. (TCO E) For federal tax purposes, royalty income not derived in the ordinary course of a business is classified as: (Points : 5) |
       active income.
       portfolio income. (ans)******
       passive income.
       None of the above
2. (TCO F) When comparing corporate and individual taxation, the following statements are true, except: (Points : 5) |
       Individuals have exemptions and a standard deduction; corporations do not.
       Both types of taxpayers have percentage limitations on the charitable contribution ...view middle of the document...

(TCO F) Hoover, Inc. had gross receipts from operations of $230,000, operating and other expenses of $210,000, and dividends received from a 55 percent-owned domestic corporation of $120,000. Hoover's tax position for the year is: (Points : 5) |
       $20,000 taxable income.
       $44,000 net income. (ans)****
       $140,000 taxable income.
       $80,000 net operating loss.
7. (TCO G) All of the outstanding stock of a closely held C corporation is owned equally by David Smith and Steve Bufusno. In 2012, the corporation generates taxable income of $30,000 from its active business activities. In addition, it earns $20,000 of interest from investments and incurs a $40,000 loss from a passive activity. How much income does the C corporation report for 2012? (Points : 5) |
       $10,000 of portfolio income
       $20,000 of portfolio income (ans)****
       None of the above
8. (TCO G) Bob, who is single, has $90,000 of salary, $25,000 of income from a limited partnership, and a $30,000 passive loss from a real estate rental activity in which he actively participates. His modified adjusted gross income is $90,000. Of the $30,000 loss, how much is deductible? (Points : 5) |
       $30,000 (ans)****
9. (TCO F) Pam owns a sole proprietorship, and Kevin is the sole shareholder of a C (regular) corporation. Each business sustained a $16,000 operating loss and a $2,500 capital loss for the year. Evaluate how these losses will affect the taxable income of the two owners? (Points : 17) Kevin and Pam can claim NOL for the year. According to the text, “the carryover rules for NOLs are the same for the corporations and individuals (Smith, Harmelink, & Hasselback, 2013). In this case Pam is sole proprietorship owner and Kevin being a shareholder of C corporation that have NOL of $16,000 that can be claimed the same under the NOLs rule, or differently depending on tax benefit each have. Pam can deduct her business capital losses in form 1045 schedule A, line as stated in the IRS publication 536 (IRS.Gov, 2011). IRS Publication 536 States that business can deduct capital losses only up to the total of: * Nonbusiness capital gains that are more than the total of their nonbusiness capital losses and excess nonbusiness deductions (line 10) and * Total business capital gains without regard to any section 1202 exclusion (line 12)Nevertheless sole proprietorship capital losses can only be used against capital gains. Thus is sole proprietor does not have capital gains, than they cannot claim any deductions for capital losses. In this case Pam sole proprietorship business did not have any capital gains for the year that she can claim any deduction from capital loss. Thus her taxable portion from capital gains and losses remains unchanged. In Kevin case, he is shareholder and a taxpayer of C Corp., may no longer avoid capital assets treatment by providing...

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