During 2015, Jackson Corp. had the following income and expenses:
Gross income from operations : $100,000
Dividend income from taxable domestic 20%-owned corporation : $10,000
Operating expenses : $35,000
Officers' salaries: $20,000
Contributions to qualified charitable organizations: $8,000
Net operating loss carryforward from 2014: $30,000
What is the amount of Jackson Corp.'s charitable contribution carryover to 2016?
a. $0
b. $2,500
c. $5,500
d. $6,300
Answer: C
Tax
- The uniform capitalization method must be used by I. Manufacturers of tangible personal property. II. Retailers of personal property with $2 million dollars in average annual gross receipts for the three preceding years.
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- Mr. and Mrs. Alvin Charak took a foster child, Robert, into their home in 2015. A state welfare agency paid the Charaks $3,900 during the year for related expenses. Actual expenses incurred by the Charaks during 2015 in caring for Robert amounted to $3,000. The remaining $900 was spent by the Charaks in 2015 towards their own personal expenses. How much of the foster child payments is taxable income to the Charaks in 2015?
- Income in respect of a cash-basis decedent
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- Darr. an employee of Sorce C corporation, is not a shareholder. Which of the following would be included in a taxpayer's gross income?
- Bob and Sue Stewart were divorced in 2013. Under the term of their divorce decree, Bob paid alimony to Sue at the rate of $50,000 in 2013, $20,000 in 2014, and nothing in 2015. What amount of alimony recapture must be included in Bob's gross income for 2015?
- In July 1996, Dan Farley leased a building to Robert Shelter for a period of fifteen years at a monthly rental of $1,000 with no option to renew. At that time the building had a remaining estimated useful life of twenty years. Prior to taking possession of the building, shelter made improvements at a cost of $18,000. These improvements had an estimated useful life of twenty years at the commencement of the lease period. The lease expired on June 30, 2015, at which point the improvement had a fair market value of $2,000. The amount that Farley, the landlord, should include in his gross income for 2015 is
- Daniel Kelly received interest income from the following sources during the current year - New York Port Authority Bonds : $1,000 - Puerto Rico Commonwealth bonds : $1,800 What portion of such interest is tax exempt?
- Charles and Marcia are married cash-basis taxpayers. In 2015, they had interest income as follows: - $500 interest on federal income tax refund - $600 interest on state income tax refund - $800 interest on federal government obligations. - $1,000 interest on state government obligations. What amount of interest income is taxable on Charles and Marcia's 2015 joint income tax return?
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