40. For 2014, the Beech Corporation has net income on its books of $60,000, incl

Question

40. For 2014, the Beech Corporation has net income on its books of $60,000, including the following items: (i) Net capital losses $10,000, (ii) Federal income tax expense $25,000
, & (iii) Federal tax depreciation exceeds the depreciation deducted on the books by $5,000. What is the corporation's taxable income? (Points : 1)         $66,000
        $85,000
        $90,000
        $103,000
        None of the other provided choices Question 41.41. The Nandina Corporation was formed & began operations on July 1, 2014, & incurred the following expenses during the year: (i) State fees for incorporation $800, (ii) Legal & accounting fees incident to organization $1,700, (iii) Legal fees for the issuance of stock $600, & (iv) Temporary directors' fees $1,100. If the corporation chooses not to expense but rather amortizes organizational costs over 180 months, what is the amount of its amortization expense for 2014? (Points : 1)         $200
        $120
        $240
        $3,600
        None of the other choices provided Question 42.42. ABC Company owns 40% of JMT Company & 95% of DEM Company. In 2014 JMT pays a $80,000 dividend to ABC & DEM pays a $40,000 dividend to ABC. Assuming that ABC has $1,000,000 of taxable income, calculate ABC's dividends received deduction for 2014. (Points : 1)         $96,000
        $104,000
        $120,000
        $140,000
        None of the other provided choices are correct Question 43.43. The F. Repens Corporation has taxable income of $250,000 for 2014, including dividends of $50,000 received from 30%-owned domestic corporations. How much is the F. Repens Corporation's dividends received deduction for 2014? (Points : 1)         $0
        $40,000
        $50,000
        $170,000
        None of the other provided choices Question 44.44. The Bay Fig Corporation has $350,000 of taxable income from operations for 2014, & dividends of $100,000 received from 10%-owned domestic corporations. How much is the Bay Fig Corporation's dividends received deduction for 2014? (Points : 1)         $35,000
        $40,000
        $70,000
        $80,000
        None of the other provided choices Question 45.45. In 2014, Parvifolia, Inc. had $400,000 of revenue from operations and $160,000 of dividends from non-affiliated 15%-owned domestic corporations. The corporation's deductible operating expenses totaled $410,000. What is Parvifolia, Inc.'s dividends received deduction for 2014? (Points : 1)         $105,000
        $112,000
        $120,000
        $128,000
        None of the other provided choices Question 46.46. Ficus, Inc. began business on March 1, 2014, and elected to file its income tax return on a calendar-year basis. The corporation incurred $800 in organizational expenditures. Assuming the corporation does not elect to expense but chooses to amortize the costs over 180 months, the maximum allowable deduction for amortization of organizational expenditures in 2014 is: (Points : 1)         $4.44
        $44.44
        $53.28
        $800.00
        None of the other provided choices Question 47.47. For the year ended December 31, 2014, Prunus, Inc., reported net income before federal income tax expense of $800,000 per the corporation's books. This figure included the following items: (i) Interest income on tax-exempt municipal securities $30,000, (ii) Loss on sale of land acquired in 1985 as an investment $40,000, % (iii) Interest expense on loan to purchase tax-exempt municipal securities $10,000. What is the taxable income of Prunus, Inc. for 2014? (Points : 1)         $800,000
        $820,000
        $830,000
        $870,000
        None of the other provided choices Question 48.48. Which of the following items is not generally a schedule M-1 adjustment? (Points : 1)         Net capital losses
        Interest on tax-exempt bonds
        Federal income tax expense
        Interest expense on a loan to purchase municipal bonds
        All of the other provided choices are M-1 adjustments Question 49.49. In general, estimated payments for calendar-year corporations are due on: (Points : 1)         March 15, June 15, September 15, & December 15.
        March 15, June 15, September 15, & January 15 of the following year.
        April 15, June 15, September 15, & December 15.
        April 15, June 15, September 15, & January 15 of the following year. 40. For 2014, the Beech Corporation has net income on its books of $60,000, including the following items: (i) Net capital losses $10,000, (ii) Federal income tax expense $25,000
, & (iii) Federal tax depreciation exceeds the depreciation deducted on the books by $5,000. What is the corporation's taxable income? (Points : 1)         $66,000
        $85,000
        $90,000
        $103,000
        None of the other provided choices

Explanation / Answer

40)

Corporation's taxable income = net income + Net capital losses + Federal income tax expense - Federal tax depreciation exceeds the depreciation

Corporation's taxable income = 60000+ 10000 + 25000-5000

Corporation's taxable income = $ 90000

41)

Amount of its amortization expense for 2014 = (State fees for incorporation+ Legal & accounting fees incident to organization + Temporary directors' fees )/ 180 * 6

Amount of its amortization expense for 2014 = (800+1700+1100)/180*6

Amount of its amortization expense for 2014 = $ 120

42)

ABC's dividends received deduction for 2014 = 100% deduction if holding is 80% or more + 80% deduction if if holding is 20% or more + 70% deduction for general

ABC's dividends received deduction for 2014 = 100%*40000 + 80%*80000

ABC's dividends received deduction for 2014 = $ 104000

43)

F. Repens Corporation's dividends received deduction for 2014 = 100% deduction if holding is 80% or more + 80% deduction if if holding is 20% or more + 70% deduction for general

F. Repens Corporation's dividends received deduction for 2014 = 80%*50000

F. Repens Corporation's dividends received deduction for 2014 = 40000

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