Class 6b Corp Income

Class 6b Corp Income - TaxationoftheBusinessEntity...

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Taxation of the Business Entity Online Lecture Series Presented by Akore Berliner, CPA Corporate Income and Loss
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Corporate Taxable Income  Formula Gross income Less:  Deductions (except charitable, Div. Rec’d,  NOL  carryback, STCL carryback)                                      Taxable income for charitable limitation Less:   Charitable contributions (< = 10% of above) Taxable income for div. rec’d deduction Less:   Dividends received deduction Taxable income before carrybacks Less:   NOL carryback and STCL carryback TAXABLE INCOME
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Dividends Received Deduction If corporation owns stock in another  corporation and receives dividends,  a portion  of dividends may be deducted from income : % owned                           Deduction  Percent Less than 20%                                70%  20% but < 80%                            80% 80% or more, and affiliated         100%
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This note was uploaded on 08/11/2011 for the course ACCT 103 taught by Professor Huxhold during the Spring '11 term at San Diego.

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Class 6b Corp Income - TaxationoftheBusinessEntity...

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