Stock in Random Corporation is owned equally by two individual shareholders. During the current year, Random reports the
Posted: Sat Feb 26, 2022 9:13 am
Stock in Random Corporation is owned equally by two individual
shareholders. During the current year, Random reports the following
results:
Income
Rentals: $200,000
Dividend (from a 25% owned domestic corporation): 30,000
Taxable interest: 15,000
Short-term capital gains: 3,000
Long-term capital gains: 17,000
Expenses related to rental income
Interest: $30,000
Depreciation: 32,000
Property taxes: 11,000
Other Sec. 162 expenses: 50,000
General and administrative expenses: 10,000
Dividend paid on June 30: 15,000
undistributed PHC income (UPHCI) and PHC tax
liability
shareholders. During the current year, Random reports the following
results:
Income
Rentals: $200,000
Dividend (from a 25% owned domestic corporation): 30,000
Taxable interest: 15,000
Short-term capital gains: 3,000
Long-term capital gains: 17,000
Expenses related to rental income
Interest: $30,000
Depreciation: 32,000
Property taxes: 11,000
Other Sec. 162 expenses: 50,000
General and administrative expenses: 10,000
Dividend paid on June 30: 15,000
undistributed PHC income (UPHCI) and PHC tax
liability