$1)$ A corporation has taxable income of $$500,000.$

What$$s the corporate income tax liability for $2021?$

$2)$ A corporation has taxable income of $$500,000$ before considering life insurance proceeds of $$35,000,$ fines of $$30,000,$ E&P depreciation of $$200,000$ which is more than $$100,000$ taxable income depreciation, a federal tax refund of $$20,000,$ $$20,000$ employee expenses, The company has federal income tax liability of $$180,000$ What are the firm$$s earnings and profits?

$3)$ A calendar year corporation has current earnings and profits of $$150,000$ and $$200,000$ in accumulated earnings and profits. The corporation distributes $$450,000$ to its sole shareholder.

How much dividend income does the shareholder recognize?

$4)$ Ten individuals each own $1,000$ of $10,000$ shares of stock outstanding.

One of the individuals wants cash to buy a new car and convinces all of the shareholders to consent to a redemption of $100$ shares of stock each. The corporation will repurchase the $1000$ total shares of stock using funds it has on hand.

What is the proper tax treatment of this share redemption, from the point of view of the individuals?

$5)$ An investor takes a $10\%$ stake in a large publicly traded corporation and then succeeds in pressuring the board of the company to make various internal changes that should improve the value of the firm.

Later, the investor decides he wants to sell his stock, but he cannot find anyone to buy it as a block. To keep the stock from being sold on the open market and depressing the price, the company agrees to repurchase the investor$$s entire block of stock at a price exceeding his basis.

What is the proper tax treatment of this share redemption, from the point of view of the investor?

$6)$ Sarah Smiles sells her $40\%$ interest in Smiles Inc., an S corporation, to Frankie Frownie on January $31.$

Smiles Inc. earned $$420,000$ from January $1$ to January $31$ and a total of $$2,890,000$ from January $1$ through December $31(366$ days$).$

Using the daily allocation method, how much income should Sarah Smiles report?