C corporation

Your client Zenith a C corporation involved the retail trade business has submitted to you the

following selected financial data from the tax year 2017:

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·     Gross receipts                                                         25,800,000

·     Cost of goods sold                                                  21,300,000

·     Dividends received (less than 20%-owned)                 120,000

·     Interest Income                                                               40,000         

·     Interest Expense                                                           850,000

·     Depreciation                                                       575,000

·     Other Operating Expenses                                        1,500,000    

·     Dividends received deduction                                       84,000

Zenith has heard that the TCJA of 2017 will produce significant cuts in a corporation tax liability for 2018. Zenith is planning to expand its operations and want to know how much additional in house positive cash flow will be available (because of TCJA) to reduce outside financing of the this expansion.

Zenith wants you to compare 2017 to 2018 assuming that 2018 financial results are the same as above. You should clearly state the tax savings that is the direct result of TCJA of 2017.

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