Describe the procedure to incorporate the tax effects of gains (or losses) whenever an asset is disposed of?

Q: What is the depreciation method that is used for tax accounting purposes? How is it different than…

A: Accelerated depreciation method:

Q: Gains and losses derived from sale or exchange of ordinary assets are included in the computation of…

A: Ordinary assets are those assets or the properties used in the trade or business which is primarily…

Q: What are the Gain Taxes on Asset Disposals?

A: When a asset is disposed, if the value realised on such disposal is more than the carrying amount of…

Q: Describe the procedures for determining after-tax net cash flows in taxable situations?

A: Net cash flow after tax is an important measure used for the purpose of evaluation of company's…

Q: Is compensation income subject to final tax?

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

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: When a taxpayer sells an asset, what is the difference between realized and regonized gain or loss…

A: Difference between complete and recognized gains and losses   Realized gains or losses for the…

Q: It is the amount attributed to an asset or liability for tax purposes. O Taxable amount O Tax base O…

A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net…

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: Describe the depreciation procedures used in income taxation

A: The question deals with the depreciation procedures used in income taxation.

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: What is the Tax depreciation method?

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

Q: When is a receivable recognized for property tax assessments? When is the revenue recognized?

A: Property tax assessment is the process of evaluating the property for tax purposes. Then an…

Q: Which of the following situations will result in a future deductible amount?  Carrying amount of…

A: Future taxable amount is the amount which increase tax liability in future and for that create…

Q: Define tax loss carryback and carryforward

A: Tax or Taxes: Tax is an amount paid by the persons (individuals and business entities) to a…

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: The value of property for tax purposes, usually a percentage of the fair market value is known as…

A: Appraisal value refers to that on a specific date, the specific property’s current market value is…

Q: How do taxpayers determine whether they should deduct their itemized deductions or utilize the…

A: How do taxpayers determine whether they should deduct their itemized deductions or utilize the…

Q: Discuss the Depreciation method for tax purposes?

A: Depreciation:   Depreciation refers to the reduction in the monetary value of a fixed asset due to…

Q: What are the possible treatments for tax purposes of anet operating loss? What are the circumstances…

A: Net operating loss: When the level of income is less than the expenses for a given or a considered…

Q: What valuation allowance is used with respect to a deferred tax asset?

A: Deferred tax asset: A deferred tax asset refers to an asset that is recognized due to a temporary…

Q: Describe Tax Depreciation Methods?

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

Q: his is an item in the balance sheet relating to the unpaid portion of an income already taxed.…

A: Answer: Balance sheet consists of assets and liabilities as part of financials.

Q: In acquiring a Long Term Asset, what are the tax benefits that an entity may have?

A: Concept of tax saving on acquiring the long term assets

Q: Describe the techniques of depreciation available to individuals under the income tax code.

A: Tax depreciation alludes to a company's depreciation costs that are deductible by the IRS. This…

Q: What are the general requirements regarding income, investments, and dividends with which a REIT…

A: Introduction: Real estate investment trust is a company that owns or primarily operates real estate…

Q: describe the valuation allowance for deferred tax assets—when it is required and what impact it has…

A: Valuation Allowance: Deferred tax assets should be assessed on every balance sheet date. If it is…

Q: What is the difference between a future taxable amount and a future deductible amount? When is it…

A:

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: 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: Question: Explain the tax consequence of such awards

A: Tax is the amount which is paid by the taxpayer on the earnings earned during the year on the tax…

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: Compare and contrast the basis of property acquired via purchase, conversion from personal use to…

A: Cost basis for personal assets converted to business assets:Cost basis refers to the unrealized cost…

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: Describe the method of Accounting for Depreciation and Income Taxes?

A: Generally Accepted Accounting Principles (GAAP): Generally Accepted Accounting Principles are the…

Q: Explain Residence and domicile for tax purposes

A: Tax is the liability that has to be paid by the individual and the corporation to the federal…

Q: How, and why, does the depreciation reported for tax purposes differ from that reported in the…

A: Depreciation is the amount to be written off periodically to charge the decline in value of a fixed…

Q: What is the proper term for depreciation methods used for tax purposes?  Provide the acronym and the…

A: Proper Term Used for depreciation for Tax Purpose:   The term used for Depreciation is MACRS   Full…

Q: Describe when and how a valuation allowance is recorded for deferred tax assets.

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