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safezone safezone
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7 years ago
Lake Corporation is a personal holding company. Lake reports the following results for the current year:

Rental income   $100,000
Operating profit   80,000
Dividend income   30,000
Interest income   20,000
Depreciation   30,000
Mortgage interest expense   18,000
Real estate taxes   8,000
Other expenses   20,000

No dividends are paid during the current year or the 2-and-one-half-month throwback period. The mortgage relates to the rental properties. Calculate the adjusted income from rents exclusion from personal holding company income.
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Prentice Hall's Federal Taxation 2014 Corporations, Partnerships, Estates & Trusts

Prentice Hall's Federal Taxation 2014 Corporations, Partnerships, Estates & Trusts


Edition: 27th
Authors:
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That's not philosophy, it's geometry
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strwbrrystrwbrry
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Every man, wherever he goes, is encompassed by a cloud of comforting convictions, which move with him like flies on a summer day.
   --Bertrand Russell, 1950

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safezone Author
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7 years ago
Thanks
smdavis
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Yesterday
Thanks for your help!!
oscar520000
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2 hours ago
Smart ... Thanks!
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