chapter 18 problems - 50,000 37,000 rent receipts 13,000...

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Chapter 18 Problems 21, 23, 25, 27, 30, 36 Initial Submission 21) accumulated earnings 135,000 current earnings 60,000 dividends paid deduction 8,500 reasonable business needs 160,000 accumulated earning credit 115,000 23) accum earnings 230,000 current earnings 80,000 business need 150,000 accum taxable credit 20,000 accum taxable income 60,000 25) dividend income 2,000 a) net operating loss 50,000 dividend income 3,000 Yes it qualifies for PHC b) no it does qualify 27) gross income
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Unformatted text preview: 50,000 37,000 rent receipts 13,000 U.S dividends rental deduction 20,000 dividneds 9,000 a) yes b) yes c) yes 30) a) land basis 10,000 land value 50,000 b) two months later cash distribution 5,000 5,000 c) cash distribution 3,000 3,000 d) consent dividends 5,000 5,000 dividends paid deduction 76,000 36) accum earnings 190,000 current earnings 250,000 business need 220,000 accum earnings credit 60,000 d...
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This note was uploaded on 03/05/2012 for the course INCOME TAX 4404 taught by Professor Bulie during the Spring '11 term at University of Minnesota Duluth.

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