tax accounting 3 495440

Top of Form Marathon Inc. (a C corporation) reported $1,000,000 of taxable income in the current year. During the year, it distributed $100,000 as dividends to its shareholders as follows:?? ??•   $5,000 to Guy, a 5 percent individual shareholder.??•   $15,000 to Little Rock Corp. a 15 percent shareholder (C corporation).??•   $80,000 to other shareholders.??  1.         a.?How much of the dividend payment did Marathon deduct in determining its taxable income? (Omit the “$” sign in your response.)??   Amount deductible?$   ?? b.?Assuming Guy’s marginal ordinary tax rate is 35 percent, how much tax will he pay on the $5,000 dividend he received from Marathon Inc.? (Omit the “$” sign in your response.)??   Amount deductible?$   ?? c.?Assuming Little Rock Corp.’s marginal tax rate is 34 percent, what amount of tax will it pay on the $15,000 dividend it received from Marathon Inc. (70 percent dividends received deduction)? (Omit the “$” sign in your response.)??   Amount deductible?$   ??ebook & resources ?   2.         d.?Complete Form 1120 Schedule C for Little Rock Corp. to reflect its dividends received deduction.?? ? ?? Download the Tax Form and enter the required values in the appropriate fields. ?? ??Please right click on the PDF link and open the PDF link in a new window. Save your completed Tax Form to your computer and then upload it here by clicking “Browse.” Next, click “Save.”?? ?   3.         e-1.?On what line of Little Rock Corp.’s Form 1120 page 1 is the dividend from Marathon Inc. reported.??   Little Rock Corp will report the $15,000 dividend on Form 1120, page 1, line .??  e-2.?On what line of Little Rock Corp.’s Form 1120 is its dividends received deduction reported.??   Little Rock Corp. will report its $10,500 dividends received deduction on Form 1120, page 1, line .???  Bottom of Form