QUESTION 1
B Corporation, a cash basis taxpayer has the following items of income and expense:
Sales $30,000
Accelerated Depreciation $2,000 (Straight-Line Depreciation is only$1,000)
Employee Wages $3,000
Long-Term Capital Loss on Sale $3,000
Dividends received from 100% owned subsidiary $10,000
Long-Term Capital Loss on stock Sale $5,000
Municipal Bond Interest Income $4,000
Long Term Capital Loss carryover form prior year $25,000
Federal Income Taxes Paid $1,000
What is B Corporation’s taxable income?
QUESTION 2
Using all the relevant facts in the previous question, calculate B Corporation’s current earnings and profits.
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