Zeto Corporation reports the following results for the current year: Requirement a. What is Zeto's

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Zeto Corporation reports the following results for the current year:

Requirement a. What is Zeto's taxable income for the current year, assuming qualified production activities income is $1,000?

(If a box is not used in the table, leave the box empty; do not enter a zero. Use parentheses or a minus sign for a NOL.)

 
Part a
Gross profit on sales
 
Dividends
 
Gross income
 
Minus: Operating expenses
 
Taxable income before dividends-received deduction
 
Dividends-received deduction
 
U.S. production activities deduction
 
Taxable income (NOL)
 
Requirement b. How would your answer to Part a change if Zeto's

operating expenses are instead $208,000,

assuming qualified production activities income is zero or negative? (If a box is not used in the table, leave the box empty; do not enter a zero. Use parentheses or a minus sign for a NOL.)

 
Part b
Gross profit on sales
 
Dividends
 
Gross income
 
Minus: Operating expenses
 
Taxable income before dividends-received deduction
 
Dividends-received deduction
 
U.S. production activities deduction
 
Taxable income (NOL)
 
Requirement c. How would your answer to Part a change if Zeto's

operating expenses are instead $287,000,

assuming qualified production activities income is zero or negative? (If a box is not used in the table, leave the box empty; do not enter a zero. Use parentheses or a minus sign for a NOL.)

 
Part c
Gross profit on sales
 
Dividends
 
Gross income
 
Minus: Operating expenses
 
Taxable income before dividends-received deduction
 
Dividends-received deduction
 
U.S. production activities deduction
 
Taxable income (NOL)
 
Requirement d. How would your answers to Parts a, b, and c change if

Zeto received $120,000 of the dividends from a 20%-owned corporation and the remaining $40,000

from a less-than-20%-owned corporation?

Begin by re-calculating taxable income (NOL) for Part a assuming Zeto received $120,000

of the dividends from a 20%-owned corporation and the remaining $40,000

from a less-than-20%-owned corporation. Then re-calculate Part b and finally, Part c. (If a box is not used in the table, leave the box empty; do not enter a zero. Use parentheses or a minus sign for a NOL.)

Review your calculations in Requirement a, b, and c above.

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Part a
Taxable income before dividends-received deduction
 
Dividends-received deduction from 20%-owned corporation
 
Dividends-received deduction from less than 20%-owned corporation
 
U.S. production activities deduction
 
Taxable income (NOL)
 
 

Part b
 
 
 
 
 
 

Part c
 
 
 
 
 
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