Owned by Shareholder A Business Income - $1,000,000 NYS Bond Interest - $2,000 Dividend received from 25% owned Corporation - $8,000 Business Expenses - $150,000 Reasonable Compensation - $500,000 Compensation of Family Members Not Active in the Company - $100,000 Capital Loss – $5,000
2022 Corp X – (Corp. Aggregate Receipts > $27 Mil.)
100% Owned by Shareholder A
Business Income - $1,000,000
NYS Bond Interest - $2,000
Dividend received from 25% owned Corporation - $8,000
Business Expenses - $150,000
Reasonable Compensation - $500,000
Compensation of Family Members Not Active in the Company - $100,000
Capital Loss – $5,000
Interest Expense paid to Bank - $250,000
§179
Bonus Depreciation Heavy Truck - $50,000
Questions:
What is taxable income? _______________ Show calculation.
What is 2022 E&P? _______________ Show calculation.
Does shareholder A receive any dividend? _______________ Show calculation.
If yes to #3, how much? _______________
If aggregated corporate receipts are under $27 million, what is the taxable income? _______________ Show calculation.
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