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Partially franked distribution from yellow pty ltd

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Partially franked distribution from Yellow Pty Ltd(franked at 60%)$6,000Unfranked distribution from Red Pty Ltd$1,500If none of the entities above is a base rate entity, calculate Maria’s assessable income in the2019 income tax year.S202-5 ITAA 1997202-60(2) ITAA 1997Frankable distribution x (corporate tax rate/1-corporate tax rate)Green Pty Ltd3000 (s44 1936 Act)207-20 – franking credit attach3000 x (30/70)=1286Yellow Pty Ltd6000 (s44)6000 * 30/70 * 60 =1543Red Pty Ltd15003000+ 1286 + 6000 + 1543 + 1500=1332913329 tax on taxable here is NIL (below tax free threshold)Refund of 2829

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Term
Fall
Professor
suman
Tags
Depreciation, Taxation in the United States, Generally Accepted Accounting Principles

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