Mr Longwood and Mrs Kennett Are the Equal Shareholders in LK

question 60

Essay

Mr Longwood and Mrs Kennett are the equal shareholders in LK Corporation. Both shareholders have a 37 percent marginal tax rate on ordinary income. LK's financial records show the following:
Gross income from sales $ 875,000
Operating expenses (420,000 )
Interest paid on debt to shareholders (75,000 )
Dividend distributions:
Mr Longwood (50,000 )
Mrs Kennett (50,000 )
a. Compute the combined tax cost for LK, Mr Longwood, and Mrs Kennett attributable to LK's operations.
b. How would your computation change if the interest on the shareholder debt was $175,000 and LK paid no dividends?

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Definitions:

Product Price

The amount of money charged for a product or service, determined by factors like cost, demand, and competition.

Garden Hoses

Flexible tubes used to convey water, typically equipped with a nozzle, for various purposes such as gardening, cleaning, and irrigation.

Plastic Price

Refers to the current market value or cost of plastic materials, which can vary based on supply, demand, and other economic factors.

Technological Advance

Progress or innovation in technology that often leads to improved efficiency, productivity, or capabilities.