What amount of gain did dole recognize a b c d 0 5000

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Unformatted text preview: /$40,000 (total distributions) x $10,000 (Current E&P) = Amount out of Current E&P $5,000 Accumulated E&P = all used in March distribution = $0 Dividend amount $5,000 Choices "a", "b", and "c" are incorrect per the above explanation. NOTE: We believe that this is the first and only time the AICPA has asked this particular nuance. Given it is a disclosed question, it may or may not appear again. We do not discuss this in our text and understanding this question should be adequate for preparation. CPA-04755 Type1 M/C A-D Corr Ans: D PM#86 R 3-01 67. CPA-04755 Released 2005 Page 35 Tan Corp. calculated the following taxes for the current year: Regular tax liability Tentative minimum tax Personal holding company tax $210,000 240,000 65,000 What is Tan's total tax liability for the year? a. b. c. d. $210,000 $240,000 $275,000 $305,000 CPA-04755 Explanation Choice "d" is correct. Tan's tax liability is calculated as follows: Tan's regular tax liability *...
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This note was uploaded on 06/14/2013 for the course ACCOUNTING Regulation taught by Professor Becker during the Fall '10 term at Keller Graduate School of Management.

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