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    Calculating Alpha Corporation's tax

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    Alpha Corporation, a personal holding company, has the following results.

    Taxable income $200,000
    Dividends-received deduction 30,000
    Life insurance proceeds 10,000
    Excess charitable contributions 10,000
    Long-term capital gains 10,000
    Federal income taxes 61,000

    I need help with calculating Alpha Corporation's tax.

    © BrainMass Inc. brainmass.com March 4, 2021, 7:52 pm ad1c9bdddf

    Solution Preview


    The total tax would comprise the following items:

    (1) Federal income tax = 61,000

    (2) Long-term capital gain ...

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