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Lizzie Week 2 Assignment Chapter 3-5-6

# Lizzie Week 2 Assignment Chapter 3-5-6 - Week 2 Special...

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Week 2 - Special Situations in Corporate Taxation 2010 By Cheryl Rhaburn Chapter 3: Problems 29 2009: 11,000,000 x 6% x35% = \$231,000 2010: 11,000,000 x 9% x 35% = \$346,500 Problems 43 A. AMTI: Taxable Income 5,000,000 + Regular tax Depreciation 1,700,000 + Tax preference 1,200,000 (Excess depletion 700,000 + Interest on bonds 500,000) = 7,900,000 B. Tentative Minimum Tax Base = 7,900,000 C. Tentative minimum tax is = 7,900,000 x 20% = 1,580,000 D. Amt: is \$0 Chapter 5: Problems 27 Jade Corporation current E&P is \$331,133. Problems 34 Accu. E&P Begin Current E&P Cash Dividend Dividend Income Return of Capital (150,000) 70,000 130,000 70,000 60,000 200,000 (60,000) 210,000 140,000 70,000 130,000 50,000 150,000 150,000 0 120,000 (40,000) 130,000 80,000 50,000 120,000 (40,000) 130,000 100,000 30,000 Problems 38 A) Copper will have gain of \$7,000; Kathryn dividend would be\$28,000, land basis \$28,000; ending E & P would be \$17,000. B) Copper will still have a gain of \$7,000; but Kathryn dividend would be \$7,000, capital gain \$3,000, land basis \$28,000; ending E & P would be \$0. C) Copper gain would be \$7,000; Kathryn dividend would be \$5,000; ending E & P would be \$40,000; Kathryn land basis will be \$28,000.

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Week 2 - Special Situations in Corporate Taxation 2010 By Cheryl Rhaburn D) Kathryn dividend would be \$28,000 and land basis will be \$28,000; Copper ending E & P \$7,000.
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