# 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

1) 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:

5)How much of the dividend income is taxable?

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

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