In 2013 if payment was made on or before d in 2014

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Business: Its Legal, Ethical, and Global Environment
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Chapter 1 / Exercise 01
Business: Its Legal, Ethical, and Global Environment
Jennings
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In 2013, if payment was made on or before March 15, 2014. D. 2014, but only if payment was made on or before March 15, 2014. E. None of the above. 59. Carrot Corporation, a C corporation, has a net short-term capital gain of $65,000 and a net long-term capital loss of $250,000 during 2013. Carrot Corporation had taxable income from other sources of $720,000. Prior years’ transactions included the following: 2009 Net long-term capital gain $150,000 2010 Net short-term capital gain 60,000 2011 Net short-term 45,000 In
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Business: Its Legal, Ethical, and Global Environment
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Chapter 1 / Exercise 01
Business: Its Legal, Ethical, and Global Environment
Jennings
Expert Verified
60. In 2013, Bluebird Corporation had net income from operations of $100,000. Further, Bluebird recognized a long-term capital gain of $30,000, and a short-term capital loss of $45,000. Which of the following statements is
61. In the current year, Sunset Corporation (a C corporation) had operating income of $200,000 and operating expenses of $175,000. In addition, Sunset had a $30,000 long-term capital gain, a $52,000 short-term capital loss, and $5,000 tax-exempt interest income. What is Sunset Corporation’s taxable income for the year?
62. Beige Corporation, a C corporation, purchases a warehouse on August 1, 1997, for $1 million. Straight-line depreciation is taken in the amount of $411,750 before the property is sold on June 11, 2013, for $1.2 million. What is the amount and character of the gain recognized by Beige on the sale of the realty? A. Ordinary income of $0 and § 1231 gain of $611,750. B. Ordinary income of $411,750 and § 1231 gain of $200,000. C. Ordinary income of
$82,350 and § 1231 gain of $529,400. D. Ordinary income of $117,650 and § 1231 gain of $494,100. E. None of the above. 63. During the current year, Woodchuck, Inc., a closely held personal service corporation, has $115,000 of net active income, $40,000 of portfolio income, and $135,000 of passive activity loss. What is Woodchuck’s taxable income for the current year?
64. Erin Corporation, a personal service corporation, had $230,000 of net active income, $40,000 of portfolio income, and a $250,000 passive activity loss during the year. How much is Erin’s taxable income?
65. Grebe Corporation, a closely held corporation that is not a PSC, had $75,000 of net active income, $60,000 of portfolio income, and a $105,000 passive activity loss during the year. How much of the passive activity loss can Grebe deduct in the current year?

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