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Sheena Maskell Sheena Maskell
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7 years ago
Sycamore Corporation's financial statements show the following items for the current year:

Gross receipts   $500,000
Cost of goods sold      260,000
Capital loss          7,000
Salaries and wages        80,000
Operating expenses        50,000
Depreciation        10,000
Charitable contributions        10,000
Dividend income   5,000

For tax purposes, depreciation is $22,000.   Sycamore owns less than 20% of the company from which it received dividends.  Calculate Sycamore's taxable income, tax liability, and carry forwards.
Textbook 
Prentice Hall's Federal Taxation: 2011: Individuals

Prentice Hall's Federal Taxation: 2011: Individuals


Edition: 14th
Authors:
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MsLippyMsLippy
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Sheena M. Author
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#2
7 years ago
Thank you so much
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