Lejeune, Inc., an S corporation in Boone, North Carolina, reports operating revenues of $400,000, taxable interest of $380,000, operating expenses of $250,000, and deductions attributable to the interest income of $140,000. Lejeune’s accumulated E & P amounts to $2 million.
Calculate any penalty tax payable by Lejeune or its shareholders.
Sonny, Inc., an S corporation in Polly Beach, South Carolina, has a recognized builtin gain of $95,000 and taxable income of $80,000. It holds a $7,000 NOL carry forward and a $9,000 business credit carry forward from a C corporation year. There are no earnings and profits from C corporation years.
Calculate Sonny’s built-in gains tax liability.
Cardinal, Inc., an S corporation, reports a $102,000 operating loss during the year (not a leap year). At the beginning of the year, Barbara and Sally each own one-half of the stock. On the 102nd day of the year, Barbara sells her half of the stock to Jacob.
How much of Cardinal’s ordinary loss flows through to Barbara?
Try it now!
How it works?
Follow these simple steps to get your paper done
Place your order
Fill in the order form and provide all details of your assignment.
Proceed with the payment
Choose the payment system that suits you most.
Receive the final file
Once your paper is ready, we will email it to you.