I need this work by June 3 - 13:45

C: 3-28 X-Ray Corporation received a $100,000 dividend from Yancey Corporation this year. X-Ray owns 10% of the Yancey’s single class of stock. What tax issues should X-Ray consider with respect to its dividend income?

C: 3-29 Williams Corporation sold a truck with an adjusted basis of $100,000 to Barbara for $80,000. Barbara owns 25% of the Williams stock. What tax issues should Williams and Barbara consider with respect to the sale/purchase?

C: 3 30 You are the CPA who prepares the tax returns for Don, his wife, Mary, and their two corporations. Don owns 100% of Pencil Corporation’s stock. Pencil’s current year taxable income is $100,000. Mary owns 100% of Eraser Corporation’s stock. Eraser’s current year taxable income is $150,000. Don and Mary file a joint federal income tax return. What issues should Don and Mary consider with respect to the calculation of three tax return liabilities?

C: 3 37 Charitable Contribution Deduction Limitation . Zeta Corporation reports the following results for Year 1 and Year 2:

Year 1 Year 2

Adjusted Taxable Income $180,000 $125,000

Charitable Contributions (cash) $20,000 $12,000

The adjusted taxable income is before Zeta claims any charitable contributions deduction, NOL or capital loss carryback, dividends-received deduction, or U.S production activities deduction.

a. How much Zeta’s charitable contributions deduction in Year 1? In Year 2?

b. What is Zeta’s contribution carryover to Year 3, if any?

C: 3 38 Taxable Income Computation Omega Corporation reports the following results for the current year:

Gross profit on sales $120,000

Dividends from less-than-20%-owned domestic corporations $40,000

Operating Expenses $100,000

Charitable Contributions (cash) $11,000

a. What is Omega’s charitable contributions deduction for the current year and its charitable contributions carryover to next year, if any?

b. What is Omega’s taxable income for the current year, assuming qualified production activities income is $20,000?