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- Exercise 28-12 (Algorithmic) (LO. 1) The entity reports the following transactions for the 2021 tax year. The trustee accumulates all accounting income for the year. Operating income from a business Dividend income, all from U.S. corporations (20% tax rate) Interest income, City of San Antonio bonds Trustee fees, deductible portion Net rental losses, passive activity $795,000 47,700 6,360,000 (23,850) (159,000) Click here to access tax table for this problem. Carryout the tax computations to two decimal places and round the final tax liability to the nearest dollar. Compute the Federal income tax liability for the Valerio Trust by providing the following amounts: The amount of the trustee's gross income taxed at 20% for the Valerio Trust is $ The Trustee taxable income taxed at ordinary rates for the Valerio Trust is $ The Federal income tax liability for the Valerio Trust is $ x.The entity reports the following transactions for the 2022 tax year. The trustee accumulates all accounting income for the year. Operating income from a business Dividend income, all from U.S. corporations (20% tax rate) Interest income, City of San Antonio bonds Trustee fees, deductible portion Net rental losses, passive activity $785,000 47,100 6,280,000 (23,550) (157,000) Click here to access tax table for this problem. Carryout the tax computations to two decimal places and round the final tax liability to the nearest dollar. Compute the Federal income tax liability for the Valerio Trust by providing the following amounts: The amount of the trustee's gross income taxed at 20% for the Valerio Trust is $ The Trustee taxable income taxed at ordinary rates for the Valerio Trust is $ The Federal income tax liability for the Valerio Trust is $The entity reports the following transactions for the 2022 tax year. The trustee accumulates all accounting income for the year. Operating income from a business Dividend income, all from U.S. corporations (20% tax rate) Interest income, City of San Antonio bonds Trustee fees, deductible portion Net rental losses, passive activity $605,000 36,300 4,840,000 (18,150) (121,000) Click here to access tax table for this problem. Carryout the tax computations to two decimal places and round the final tax liability to the nearest dollar. Compute the Federal income tax liability for the Valerio Trust by providing the following amounts: 36,300 ✔ The amount of the trustee's gross income taxed at 20% for the Valerio Trust is $ The Trustee taxable income taxed at ordinary rates for the Valerio Trust is $ The Federal income tax liability for the Valerio Trust is $ 177,942 X. 465,850 X.
- Exercise 28-12 (LO. 1) The entity reports the following transactions for the 2022 tax year. The trustee accumulates all accounting income for the year. Operating income from a business Dividend income, all from U.S. corporations (20% tax rate) Interest income, City of San Antonio bonds Trustee fees, deductible portion Net rental losses, passive activity $500,000 30,000 40,000 (15,000) (100,000) Click here to access tax table for this problem. Carryout the tax computations to two decimal places and round the final tax liability to the nearest dollar. Compute the Federal income tax liability for the Valerio Trust by providing the following amounts: The amount of the trustee's gross income taxed at 20% for the Valerio Trust is $ The Trustee taxable income taxed at ordinary rates for the Valerio Trust is The Federal income tax liability for the Valerio Trust is $ebook Exercise 20-12 (Algorithmic) (LO. 1) The entity reports the following transactions for the 2021 tax year. The trustee accumulates all accounting income for the year. Operating income from a business Dividend income, all from U.S. corporations (20% tax rate) Interest income, City of San Antonio bonds Trustee fees, deductible portion Net rental losses, passive activity $785,000 47,100 6,280,000 (23,550) (157,000) Click here to access tax table for this problem. Carryout the tax computations to two decimal places and round the final tax liability to the nearest dollar. Compute the Federal income tax liability for the Valerio Trust by providing the following amounts: The amount of the trustee's gross income taxed at 20% for the Valerio Trust is $ The Trustee taxable income taxed at ordinary rates for the Valerio Trust is $ The Federal income tax liability for the Valerio Trust is $ 47,100 761,350The entity reports the following transactions for the 2022 tax year. The trustee accumulates all accounting income for the year. Operating income from a business $855,000 Dividend income, all from U.S. corporations(20% tax rate) 51,300 Interest income, City of San Antonio bonds 6,840,000 Trustee fees, deductible portion (25,650) Net rental losses, passive activity (171,000) Compute the Federal income tax liability for the Valerio Trust by providing the following amounts: The amount of the trustee's gross income taxed at 20% for the Valerio Trust is $fill in the blank 1.The Trustee taxable income taxed at ordinary rates for the Valerio Trust is $fill in the blank 2.The Federal income tax liability for the Valerio Trust is $fill in the blank 3.
- Transactions Affecting E&P. For each of the following transactions, indicate whether a special adjustment must be made in computing R Corporation's current E&P. Answer assuming that E&P has already been adjusted for current taxable income. a. During the year, the corporation paid estimated Federal income taxes of $25,000 and estimated state income taxes of $10,000. b. The corporation received $5,000 of interest income from its investment in tax-exempt bonds. c. The corporation received a $10,000 dividend from General Motors Corporation. d. The corporation purchased machinery for $9,000 and expensed the entire amount in accordance with Code § 179. e. The corporation reported a § 1245 gain of $20,000. f. The corporation had a capital loss carryover of $7,000 from the previous year. This year the corporation had capital gains before consideration of the loss of $10,000.An entity reports the following transactions for the 2021 tax year. The trustee accumulates all accounting income for the year. Operating income from a business $665,000 39,900 Dividend income, all from U.S. corporations (20% tax rate) Interest income, City of San Antonio bonds 5,320,000 Trustee fees, deductible portion (19,950) Net rental losses, passive activity (133,000) Income Tax Rates-Estates and Trusts Tax Year 2021 Taxable Income The Tax Is: Of the But not Amount Over- Over- Over- $ 0 $ 2,650 10% $ 0 2,650 9,550 $ 265.00 +24% 2,650 9,550 13,050 1,921.00 + 35% 9,550 13,050 3,146.00 + 37% 13,050 Income Tax Rates-C Corporations, 2018 and after For all income levels, the tax rate is 21%. Question: The Federal income tax liability for the Valerio Trust is1-13 Organizational Expenditures. G Corporation, an accrual basis taxpayer, incurred and paid $41,000 of qualifying organizational expenditures in 2021. Assuming G Corporation wishes to maximize its deductions, compute the maximum amount of organization costs that may be deducted for each of the following years if G Corporation adopts a calendar tax year. For 2021, if G Corporation began business on September 1. Calendar year 2022? Calendar year 2026? How would your answer to (a) change if the $41,000 had been paid in February 2022? How would your answer to (a) change if G Corporation were a cash basis taxpayer and the $41,000 had been paid in February 2022? How would your answer to (a) change if G Corporation had incurred $12,000 of the $41,000 qualified expenditures in January 2022.
- 1. Prior to 2022, taxable income and accounting income were identical. 2. Accounting income was $1.7 million in 2022 and $1.46 million in 2023. 3. On January 1, 2022, equipment costing $1.97 million was purchased. It is being depreciated on a straight-line basis over eight years for financial reporting purposes, and is a Class 8-20% asset for tax purposes. Tax-exempt interest income of $70,000 was received in 2023. 4. 5. The tax rate is 30% for all periods. 6. Taxable income is expected in all future years. 7. Sunland had 100,000 common shares outstanding throughout 2023. (a) ง Calculate the amount of capital cost allowance and depreciation expense for 2022 and 2023, and the corresponding carrying amount and undepreciated capital cost of the depreciable assets at the end of 2022 and 2023. Capital Cost Allowance Undepreciated Capital Cost Depreciation Expense Net Book ValueFor each of the following transactions, indicate wheth-er a special adjustment must be made in computing R Corporation's current E&P. Answer assuming that E&P has already been adjusted for current taxable income. a. During the year, the corporation paid estimated Federal income taxes of $25,000 and estimated state income taxes of $10,000. 5. The corporation received $5,000 of interest income from its investment in tax-exempt bonds. c. The corporation received a $10,000 dividend from General Motors Corporation. d. The corporation purchased machinery for $9,000 and expensed the entire amount in accordance with Code § 179. e. The corporation reported a § 1245 gain of $20,000. f. The corporation had a capital loss carryover of $7,000 from the previous year. This year the corporation had capital gains before consideration of the loss of $10,000S a. What is MSU's interest expense deduction for 2023? $ For 2023, MSU Corporation has $500,000 of adjusted taxable income, $22,000 of business interest income, and $120,000 of business interest expense. It has average annual gross receipts of more than $29,000,000 over the prior three taxable years. b. How much interest expense can be deducted for 2023 if MSU's adjusted taxable income is $300,000?