Income Tax Assignment | Homework For You

The following information is from Robin Hood Inc.

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Advertising Expenses $ (400,000)
Capital Gains $ 150,000
Capital Losses (this year) $ (200,000)
Capital Losses (prior year) $ –
Cost of Goods Sold $ (4,000,000)
Dividend “A” income $ 200,000
Dividend “B” income $ 100,000
Dividend “C” income $ 50,000
General and Admin Expenses $ (1,300,000)
Interest Expense $ (500,000)
Sales $9,000,000

Homework For You1) In addition, Robin purchased equipment at the beginning of the year for $750,000. The equipment has a useful life and a salvage value of 14 years and $50,000 respectively.

2) Robin Hood Inc. has varying ownership interest in the 3 companies listed below and receives dividend income from each company.
Robin owns 15% of Company “A”
Robin owns 45% of Company “B”
Robin owns 90% of Company “C”

3)How much of Robin’s capital gains are taxable?
4)Calculate Robin’s interest expense deduction assuming the following:
Adjusted taxable income        $ 35,000,000
Business interest income       $ 1,000,000
Business interest expense       $ 15,000,000

5)How much of the dividend income is taxable?

6)Assuming taxable income is $3,500,000, calculate Robin’s tax liability.Get Finance homework help today

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