1.
1. Marjorie corporations ”total” reasonable business needs for 2021 was $320,000. Marjorie corporation accumulated earnings and profits ( E & P) at the beginning of 2021 was $210,000 ( including consideration for the dividends listed below) Marjorie Corporation also had the following information for 2021: Taxable income $350000: federal income tax $119,000 : dividends received ( less than 20% owned domestic corporation $ 100,000 : Cash dividends paid in 2021 $ 40,000: dividends paid January 31 2022 $ 20,000: Consent dividends $ 10,000: Excess charitable contribution $ 16,000. Net capital loss adjustment $ 8000. The Accumulated taxable income for purpose of the Accumulated Earnings Tax for Marjorie’s Corporation for the year of 2021 is
1.$97000
2 $90000
3 $110000
4 $100000
Answer is $97,000 please explain this how
2. Marjorie corporations ”total” reasonable business needs for 2021 was $320,000. Marjorie corporation accumulated earnings and profits ( E & P) at the beginning of 2021 was $210,000 ( including consideration for the dividends listed below) Marjorie Corporation also had the following information for 2021: Taxable income $350000: federal income tax $119,000 : dividends received ( less than 20% owned domestic corporation $ 100,000 : Cash dividends paid in 2021 $ 40,000: dividends paid January 31 2022 $ 20,000: Consent dividends $ 10,000: Excess charitable contribution $ 16,000. Net capital loss adjustment $ 8000. The Accumulated Earnings Tax for Marjorie Corporation for the year of 2021 is
1 $100000
2 $40000
3 $20000
4 $19400
Answer is $ 19400 please explain how?