Business, 16.02.2021 04:10 lwilhite33105
Purple Company has $200,000 in net income for 2018 before deducting any compensation or other payment to its sole owner, Kirsten. Kirsten is single and she claims the $12,000 standard deduction for 2018. Purple Company is Kirstenâs only source of income. Ignoring any employment tax considerations, compute Kirstenâs after-tax income if:
a. Purple Company is a proprietorship and Kirsten withdraws $50,000 from the business during the year; Kirsten claims a $40,000 deduction for qualified business income ($200,000 x 20%).
b. Purple Company is a C corporation and the corporation pays out all of its after-tax income as a dividend to Kirsten.
c. Purple Company is a C corporation and the corporation pays Kirsten a salary of $158,000.
Answers: 2
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land, a building and equipment are acquired for a lump sum of $ 1,000,000. the market values of the land, building and equipment are $ 300,000, $ 800,000 and $ 300,000, respectively. what is the cost assigned to the equipment? (do not round any intermediary calculations, and round your final answer to the nearest dollar.)
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Purple Company has $200,000 in net income for 2018 before deducting any compensation or other paymen...
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