Business, 05.11.2019 06:31 LuchaPug

Volunteer corporation reported taxable income of $500,000 from operations this year. during the year, the company made a distribution of land to its sole shareholder, rocky topp. the land’s fair market value was $75,000 and its tax and e& p basis to volunteer was $25,000. rocky assumed a mortgage attached to the land of $15,000. the company had accumulated e& p of $750,000 at the beginning of the year.
a. compute volunteer’s total taxable income and federal income tax.
b. compute volunteer’s current e& p.
c. compute volunteer’s accumulated e& p at the beginning of next year.
d. what amount of dividend income does rocky report as a result of the distribution?
e. what is rocky’s income tax basis in the land received from volunteer?

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Volunteer corporation reported taxable income of $500,000 from operations this year. during the year...

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