5. Award: 2.80 points As the beginning of the year, Clampett, Inc had $100,000 in...
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5. Award: 2.80 points As the beginning of the year, Clampett, Inc had $100,000 in its AAA $60,000 of earnings and profits from prior C corporation years. During the year, Clampett, Inc. earned $50.000 of ordinary income and paid $200,000 25%ofClampett, Inc. his basis in Clampett, Inc. at the beginning or the yea shareholders. Assume that J. D. owns share of the distribution was $50.000. How much income does J. D. recognize this year from these transactions? so. $17,500. O $40,000 6. Award: 2.80 points Assume that Clampet, Inc has $200,000 of sales, $150,000 of cost of goods sold. $60.000 of interest income, and $40,000 of dividends. What is Clampett, Inc 's excess net passive income? O so o $25,000. O $75.000 O $100,000 7. Award: 2.80 points Assume that Clampett, Inc. has $200,000 of sales, $150,000 of cost of goods sold, $60.,000 of interest income, and $40,000 of dividends. Assume that Clampett, Inc. never operated ?5.0 C corporation and that the corporate tax rate is 35% what is Clampett, les excess net passive income tax? O so. O$25.000 O $75.000 O $100,0oo
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