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Question: juniper corporation has taxable income of 48000 for the short...

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Juniper Corporation has taxable income of $48,000 for the short period ended on October 31, 2018.

Calculate Juniper Corporation's short-period tax for the period January 1 through October 31, 2018. Assume that this is not the first or last year of operations. The corporate tax rate is 21 percent.

If required, round any division to four decimal places and round your answer to the nearest dollar. Base the allocation on months, not days.

Juniper Corporation's short-period tax is $.___________

Melaleuca, Inc., is an accrual basis taxpayer with the following transactions during the calendar tax year:

Accrual business income (except rent and interest) $63,000
Accrual business expenses (except rent) 42,000
Three months' rent received on a leased building on November 1 of this year 9,000
Prepaid interest for 1 year received on a note on July 1 of the current year 12,000
Six months' rent paid on December 1 for business property 7,200

Calculate Melaleuca, Inc.'s, net income for this year.

EFG Corporation is owned 40 percent by Ed, 20 percent by Frank, 20 percent by Gene, and 20 percent by X Corporation. X Corporation is owned 80 percent by Ed and 20 percent by an unrelated party. Frank and Gene are brothers.

Answer each of the following questions about EFG under the constructive ownership rules of Section 267.

If the amount is zero, enter "0".

1. What is Ed's percentage ownership?

2. What is Frank's percentage ownership?

3. What is Gene's percentage ownership?

4. If EFG sells property to Ed for a $15,000 loss, what amount of that loss can be recognized for tax purposes?

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