Neil Gonzales, ACCT 420-V3WW, Assignment 3-1 Final

Neil Gonzales, ACCT 420-V3WW, Assignment 3-1 Final - Neil...

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Neil Gonzales Assignment 3-1 Chapter 17 Assessment Problems 25 points Due: May 15 Chapter 17: Assignment 3-1 you only need work problems 24, 33 and 43: 24. Emu Company, which was formed in 2010, had operating income of $200,000 and operating expenses of $120,000 in 2010. In addition, Emu had a long-term capital loss of $10,000. How does Andrew, the owner of Emu Company, report this information on his individual tax return under the following assumptions? a. Emu Company is an S corporation and pays no dividends. a. Because the company is an S corporation, Andrew would show on his individual tax return a $10,000 long-term capital loss and $80,000 of profit. b. Emu Company is a C corporation and pays no dividends during the year. b. Because the company is a C corporation, Andrew would not show any of the long-term capital loss or the profit. 33.In 2010, Condor Corporation, a closely held C corporation that is not a PSC, has $125,0000 of active business income, $40,000 of portfolio income, and a $160,000 passive loss from a
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This note was uploaded on 05/25/2011 for the course ACCT 420 taught by Professor Fidler during the Winter '08 term at Franklin.

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Neil Gonzales, ACCT 420-V3WW, Assignment 3-1 Final - Neil...

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