The Tax Cuts and Jobs Act changed the way tax is calculated.
For employees, withholding is the amount of federal income tax withheld from your paycheck. The amount of income tax your employer withholds from your regular pay depends on two things: The amount you earn. The information you give your employer on Form W–4.
Answer:
1.Quinlan distribution has realized a loss of
$214,480 of which $0 is recognized.
2. The shareholder received property with a basis of $321,720
Explanation:
1.
When property is been said to be distributed to shareholders the amount of dividend equal to the fair value of the said property which is $321,720 on the date of the distribution. Therefore the amount of taxable dividend is $321,720 which is before the dividends received deduction.
Therefore;
Net loss which shall not be allowed ($536,200-$321,720)
=$214,480
Quinlan distribution has realized a loss of
$214,480 which is not allowed to be recognized
2. Adjusted basis of the property distributed is $321,720
Answer:
It's true I think if I'm wrong do tell me.
