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Answers_to_problems_exercises_25_26_27_34 - -1500 Premiums...

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Answers to problems exercises that you may want to do. 25. a. Capon reports taxable income of $1,380,000. b. Consult pp. 5-3 and 5-4. Make sure you understand how it is calculated. 26. This is your homework assignment. Robert reports a $500,000 taxable dividend and a $300,000 capital gain. In you submitted assignment, show your calculation to derive these numbers. 27. Taxable Income 330000 Federal Income Tax -112000 Tax Exempt Interest Income 5000 Meals and Entertainment Expense
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Unformatted text preview: -1500 Premiums Paid on Key Employee-2800 Proceeds from key employee life insurance 110000 Excess of capital loss over gain-13000 Adjustment to Depreciation 10000 Section 179 adjustment-20000 Organizational Expense 933.3333 DRD 17500 LIFO 10000 Gain-3000 331133.3 34. Dividend Income Return of Capital a. $70,000 $60,000 b. $140,000 $70,000 c. $150,000 $ –0– d. $80,000 $50,000 e. $100,000 $30,000 Make sure you understand how the above numbers are derived...
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