Answer:
FALSE
Explanation:
In the current year, Azul Corporation, a calendar year C corporation, received a dividend of $30,000 from Naranja Corporation. Azul owns 25% of the Naranja Corporation stock.
Assuming it is not subject to the taxable income limitation, Azul's dividends received deduction is $24,000.
<u>According to the tax law, Dividend received deductions for C corporations can be deducted up to 70% but when the receiving company owns more than 20% but less than 80% of the paying company, the deduction amounts to 80% of the dividend received.</u>
Deduction = 0.8 x 30,000 = $24,000
Answer and Explanation:
As per the data given in the question,
Net income per unit = sale per unit - total cost
Sell of basic kit Process stage 2 kit Net income(inc./dec. )
Sales per unit $22 $34 $12
Cost per unit
Direct materials $8 $4 $4
Direct labor 0 $11 -$11
Total cost $8 $15 -$7
Net income per unit(inc.)$14 $19 $5
the correct answer would be d. the stamp collection, the bank account, and the skateboard.
A. is required to draw up a petition listing all assets and liabilities.
Answer:
$30,000
Explanation:
The computation of the amount received by Janet is given below:
Loss on sale of other assets is
= $150,000 - $50,000
= $100,000
Share of Janet in loss is
= $100,000 × 5 ÷ 10
= $50,000
So,
Janet revised capital balance is
= $80,000 - $50,000
= $30,000
