Author Question: During 2015, Christiana's employer withheld $1,500 from her wages for state income taxes. She ... (Read 34 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

A FREE account is required to view all solutions!

Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.

Answer Preview

Only 45% of students answer this correctly