1. The Bakers Corporation specializes in consulting and reports the following results for the previous year: Gross revenue from sales $950,000 Dividends received (less than 20% ownership) 40,000 Rent of business premise 60,000 Utilities (electricity & phone) 5,000 Subscriptions 1,000 Advertizing 15,000 Salaries paid to employees 370,000 Payroll taxes paid 25,000 Travel expenses 40,000 Interest expenses 17,000 Depreciation 5,000 Dividends paid to shareholder 76,000 Charitable contributions 4,000 What is Bakers’ taxable income for the previous year? 2. The John Corporation suffers a $22,000 net loss from operations for the previous year but receives $150,000 in dividend income from corporations in which it owns 50% of the stock. What are the dividends-received deduction and the corporation’s actual taxable income for the previous year? 3. The YMV Corporation has the following entries on its books for the previous tax year: Net income from operations $120,000 Dividends received (70% rules) $14,000 Charitable contributions made in current year $13,000 Charitable contribution carryover from the previous year $1,900 What is YMV’s taxable income for the current year?
General Tourism is a C Corporation, running a chain of hotels. The company reports the following results for the year 2014. Total revenue from hotels $8,450,000 Food & drinks purchased $1,400,000 Utilities 260,000 Other supplies 45,000 Hotel shuttles running expenses 50,000 Depreciation on hotel shuttles 8,000 Depreciation on other assets 160,000 Salaries paid to employees 2,300,000 Payroll taxes paid 174,000 Gain on sale of a land 68,000 Purchase of new swimming pool 84,000 Withholding tax deductions 525,000 Loss carried forward from tax year 2013 1,200,000 What is General Tourism taxable income for the year 2014?
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