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Author Question: Artco Inc. is a C corporation. This year it earned $50,000 of taxable income and paid a $10,000 ... (Read 73 times)

craiczarry

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on: Sep 13, 2020

Question 1

A corporation has revenue of $350,000 and deductible business expenses of $240,000. What is the federal income tax, before credits?
◦ $16,500
◦ $22,500
◦ $26,150
◦ $42,900

Question 2

Artco Inc. is a C corporation.  This year it earned $50,000 of taxable income and paid a $10,000 distribution (dividend) to Lily, its sole shareholder.  Lily has a marginal tax rate of 25%.  Due to the corporation's results and the distribution paid, the IRS will receive total taxes of
◦ $9,000.
◦ $12,500.
◦ $14,000.
◦ $10,000.
Federal Taxation 2017 Individuals ¦ Pope, Rupert, Anderson ¦ 30th Edition
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Marked as best answer by craiczarry on Sep 13, 2020

fromAlphatoOmega22

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Reply #1 on: Sep 13, 2020
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craiczarry

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Reply 2 on: Sep 13, 2020
Thanks for the timely response, appreciate it

smrtceo

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Reply 3 on: Yesterday
Wow, this really help

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