A domestic corporation started operations in year 2008. The following data on income taxes during the years 2012 to 2019 were made available: Year Basic Tax MCIT Excess of MCIT over Normal Income Tax 2012 50,000 100,000 50,000 2013 130,000 170,000 40,000 2014 200,000 190,000 2015 300,000 300,000 2016 100,000 50,000 2017 150,000 60,000 2018 8,000 40,000 32,000 2019 1,000 60,000 59,000 Income tax payable for the year 2016
A domestic corporation started operations in year 2008. The following data on income taxes during the years 2012 to 2019 were made available: Year Basic Tax MCIT Excess of MCIT over Normal Income Tax 2012 50,000 100,000 50,000 2013 130,000 170,000 40,000 2014 200,000 190,000 2015 300,000 300,000 2016 100,000 50,000 2017 150,000 60,000 2018 8,000 40,000 32,000 2019 1,000 60,000 59,000 Income tax payable for the year 2016
Chapter7: Losses—deductions And Limitations
Section: Chapter Questions
Problem 55P
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Transcribed Image Text:A domestic corporation started operations in year 2008. The following data on income taxes during the years 2012 to 2019 were made available:
Year
Basic Tax
MCIT
Excess of MCIT over Normal
Income Tax
2012
50,000
100,000
50,000
2013
130,000
170,000
40,000
2014
200,000
190,000
2015
300,000
300,000
2016
100,000
50,000
2017
150,000
60,000
2018
8,000
40,000
32,000
2019
1,000
60,000
59,000
Income tax payable for the year 2016
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