Author Question: During 2015, Christiana's employer withheld $1,500 from her wages for state income taxes. She ... (Read 58 times)

armygirl · **on:** Sep 13, 2020

Question 1

Distributions from corporations to the shareholders in a nonliquidating distribution will usually be classified as a dividend up to the amount of the corporation's
◦ earnings and profits.
◦ retained earnings.
◦ taxable income for the year.
◦ stock basis.

Question 2

During 2015, Christiana's employer withheld $1,500 from her wages for state income taxes. She claimed the $1,500 as an itemized deduction on her 2015 federal income tax return which included $8,000 of itemized deductions. Christiana is single. On her 2015 state income tax return, her state income tax was $900. As a result, Christiana received a $600 refund in 2016. What amount must Christiana include in income in 2016?
◦ $0
◦ $600
◦ $900
◦ $1,500

Jsherida · **Reply #1 on:** Sep 13, 2020

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