Define tax loss carryback and carryforward

Q: at type of tax. ommon carrier's tax value added tax

A: Taxes are the legal obligation of a individual or a corporation towards the government. They are the…

Q: Demonstrate how to account for uncertainty in income tax decisions

A: A tax benefit associated with an uncertain tax position may be reflected in the financial statements…

Q: When does tax allocation within a period become necessary?How should this allocation be handled?

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Q: Define tax effect theory

A: Tax effect theory explains the impact of taxes on revenue or expense of a company. This theory is…

Q: How to calculate capital gain tax

A: Capital gain is one of the income heads under the Income Tax Act. It includes the gains arising to…

Q: What is intraperiod tax allocation?

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Q: What is an ‘exempt income’ and how does it affect the calculation or recovery of carry‐forward tax…

A: Any earning that is not subject to taxation is referred to as exempt income. Exempt income laws and…

Q: Define Deferred tax asset.

A: Items on a company's balance sheet that may be used to reduce taxable income in the future are…

Q: Which of the following is the most likely item to result in a deferred tax asset?

A: Unearned revenue is the most likely item to result in a deferred tax asset.  Unearned revenue means…

Q: Will the existence of unused tax losses always lead to the recognition of a deferred tax assets?…

A: Deferred tax assets arising from the deductible temporary difference because of different treatment…

Q: What is the logic behind allowing tax loss carrybacks/carryforwards?

A: Logic behind allowing tax loss carrybacks and carryforwards: A tax loss carryback permits a company…

Q: Briefly describe the tax depreciation system under MACRS.

A: MACRS is an abbreviation of the Modified Accelerated Cost Recovery System.  The present U.S. tax…

Q: HOW TO improve tax-planning effort

A: Tax planning is the examination of a financial condition or plan to make sure that all parts work…

Q: What is the net tax consequences of these dispositions?

A: The disposition of the assets means sales, exchange, or donation of the assets. The disposition of…

Q: Which of the following payment is a capital expenditure and not deductible under profits tax?

A: 1(a)  Payment to a departing employee agree for not competing with the company.   1(b)  1,3 and 4…

Q: Define intrapreriod tax allocation.

A: Income tax: Income tax refers to the direct tax levied on individual person or business and…

Q: What is the Tax depreciation method?

A: Tax depreciation is the depreciation cost asserted on a government form by a citizen to represent…

Q: What is a valuation allowance for deferred tax assets

A: A deferred tax asset is the opposite of a deferred tax liability, which can increase the amount of…

Q: Explain intraperiod tax allocation.

A: Income tax allocation is an integral part of generally accepted accounting principles. Income tax…

Q: What is the valuation allowance for deffered tax asset

A: Deferred tax asset(DTA) arises due to payment of higher tax in current year due to the variance…

Q: Apply the concepts and procedures of interperiod tax allocation

A: Inter-period tax allocation: The effect of tax on accounting events are recognized in the year in…

Q: Explain the term tax & its objectives in detail

A: What is Tax ? Tax is A mandatory Payment to be made by the people including Corporate Entities to…

Q: Describe Tax Depreciation Methods?

A: Depreciation is a non-cash expense for the company. The depreciation expenses is charged because the…

Q: Describe the Replacement Analysis with Tax Considerations?

A: Introduction: Capital budgeting is one of the important techniques used to determine the value that…

Q: Differentiate “normal tax “ from “final tax”.

A: Tax is the amount which is paid by the tax payer on the basis of the income earned by him during a…

Q: What is a deferred tax asset?

A: Deferred tax asset: When the Income Tax Expense account is more than the Income Tax Payable account,…

Q: How is a deferred tax asset and a deferred tax liability established?

A: Deferred tax asset:   It is the carry-over of losses by a business. If a business incurs a loss for…

Q: What is Tax Depreciation?

A: Depreciation: Depreciation is a method of reducing the capitalized cost of long-lived operating…

Q: Briefly explain what factors significantly affect tax avoidance

A: Tax avoidance is a mechanism through which a taxpayer takes advantages of the loopholes in the tax…

Q: Describe the procedure to incorporate the tax effects of gains (or losses) whenever an asset is…

A: Asset are considered to be capital items as they are held for more than a year and provide economic…

Q: Briefly explain how tax loss carryback and carryforward procedureswork.

A: Loss carryback is a situation in which business is having operating loss in this year and it want to…

Q: Define tax depreciation methods

A: Tax: Tax can be defined as the compulsory fees charged by the government of the country or the…

Q: difference between Tax Avoidance and Tax Evasion

A: The question talks about two terms : Tax Avoidance and Tax Evasion Hence. Let's first understand the…

Q: d Tax (VAT

A: Value Added Tax (VAT) is a broad tax that is levied on practically all products and services sold.…

Q: what are the main objectives of the deferred tax asset approach?

A: Items on a company's balance sheet that may be used to reduce taxable income in the future are…

Q: How might a reduction in future tax rates affect deferred tax assets in a way that reduces current…

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Q: How to calculate the answer of Tax Allowable depreciation?

A: Depreciation is the deduction in the value of the asset which leads to deduction in the tax as it is…

Q: Distinguish between intraperiod tax allocation and interperiod tax allocation (deferred tax…

A: Inter period income tax allocation is defined as the income tax obligation of company as expense to…

Q: Will the existence of unused tax losses always lead to the recognition of a deferred tax assets?…

A: SOLUTION- DEFERRED TAX = IT REFERS TO EITHER A POSITIVE (ASSETS) OR NEGATIVE (LIABILITY) ENTRY ON…

Q: Define income tax expense.

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Q: Define each of the following terms: i. Capital gain or loss; tax loss carryback and carryforward

A: The capital gain or loss is computed as the difference in the sale price and purchase price of an…