The following information is available for Carla Vista Corporation for 2025. 1. 2. 3. Depreciation reported on the tax return exceeded depreciation reported on the income statement by $120,000. This difference will reverse in equal amounts of $30,000 over the years 2026-2029. Interest received on municipal bonds was $10,800. Rent collected in advance on January 1, 2025, totaled $65,400 for a 3-year period. Of this amount, $43,600 was reported as unearned at December 31, 2025, for book purposes. 4. The tax rates are 20% for 2025 and 17% for 2026 and subsequent years. 5. Income taxes of $164,000 are due per the tax return for 2025. 6. No deferred taxes existed at the beginning of 2025. (a) Compute taxable income for 2025. Taxable income for 2025 $

The following information is available for Carla Vista Corporation for 2025. 1. 2. 3. Depreciation reported on the tax return exceeded depreciation reported on the income statement by $120,000. This difference will reverse in equal amounts of $30,000 over the years 2026-2029. Interest received on municipal bonds was $10,800. Rent collected in advance on January 1, 2025, totaled $65,400 for a 3-year period. Of this amount, $43,600 was reported as unearned at December 31, 2025, for book purposes. 4. The tax rates are 20% for 2025 and 17% for 2026 and subsequent years. 5. Income taxes of $164,000 are due per the tax return for 2025. 6. No deferred taxes existed at the beginning of 2025. (a) Compute taxable income for 2025. Taxable income for 2025 $

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter6: Deductions And Losses: In General

Section: Chapter Questions

Problem 56P

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