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"10, Penguin Corporation (a cash basis, calendar y...




"10, Penguin Corporation (a cash basis, calendar year taxpayer) had the following income and expenses in the current year. Income from services $400,000 Salaries paid to employees 70,000 Tax-exempt interest income 24,000 Dividends from a corporation in which penguin holds at 12%interest 40,000 Short-term capital loss on the sale of stock 17,000 Estimated Federal income taxes paid 110,000 Penguin purchased seven-year MACRS property in the current year for $80,000. No?179 election was made. The property has a 10-year ADR midpoint life. Determine Penguin?s taxable income and current E&P.,I no logner need this answered


Paper#6037 | Written in 18-Jul-2015

Price : $25