In each of the following cases, compute the corporation’s regular tax: Use 2017 tax rate schedule if needed. Required: Silva Corporation has $170,000 taxable income for its tax year ended December 31, 2017. Goyal Corporation has $170,000 taxable income for its tax year ended December 31, 2018. Carver Corporation has $170,000 taxable income for its tax year ended October 31, 2018. Note: Do not round intermediate calculations. Round your final answer to nearest whole dollar.

In each of the following cases, compute the corporation’s regular tax: Use 2017 tax rate schedule if needed. Required: Silva Corporation has $170,000 taxable income for its tax year ended December 31, 2017. Goyal Corporation has $170,000 taxable income for its tax year ended December 31, 2018. Carver Corporation has $170,000 taxable income for its tax year ended October 31, 2018. Note: Do not round intermediate calculations. Round your final answer to nearest whole dollar.

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter11: The Corporate Income Tax

Section: Chapter Questions

Problem 10P

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Required: a. Calculate the current and deferred tax of Bright Star Ltd for each year, 2018 and 2019 b. Prepare the required tax journal entries for each year.
Hallick, Incorporated has a fiscal year ending June 30. Taxable income was $7,100,000 for its year ended June 30, 2018, and it projects similar taxable income for its 2023 fiscal year. Use 2017 tax rate schedule if needed. Required: a. Compute Hallick's regular tax liability for its June 30, 2018, tax year. b. Compute Hallick's projected regular tax liability for its June 30, 2023, tax year. Answer is complete but not entirely correct. a. Regular tax liability b. Projected regular tax liability $ 2,414,000 $ 1,491,000€
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Assume that Shoreline Hotel Inc., (SHI) decides to make the following entry on December 31, 2018. Current tax rate is 40%. DR Current income tax expense $634,800 CR Income tax payable $634,800 This would imply that Select one: a. the taxable income for 2018 was different than the accounting income. b. the income tax expense reported by SHI on its income statement would be $750,000. c. the taxable income for 2018 was determined to be $1,587,000. d. All of the above. e. None of the above.
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Blossom Inc reports the following pre-tax incomes (losses) for both financial reporting purposes and tax purposes Accounting Income Year (Loss) Tax Rate i 2021 $124,000 2022 91,000 2023 (287,000) 2024 218,000 The tax rates lated were all enacted by the beginning of 2021. Blossom reports under the ASPE future Income tavas method. Prepare the journal entries for each of the years 2021 to 2024 to record Income tax. Assume the texclosa la first carried back and that at the end of 2023, the loss carry forward benefits are judged more likely than not to be realized in the future. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem) Date Account Titles and Explanation (To record benefit from losa canryback) (To record deferred benefit from loss…
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Select the best answer to the tax credit and corporate and partnership income tax issues. Mamey, Inc. had taxable income of $138,500 in 2020. What is the income tax expense for the year 2020? a. $29,085 b. $25,623 c. $34,625 d. $27,700 Which of the following items might not generally appear on the Schedule M-1 reconciliation a. Exempt interest income b. Meal expenses c. Office material expenses d. Federal income tax expense Cubey Industries, Inc. has a net book income of $76,100. For the year it had an income tax expense of $18,900. During the year Cubey received pandemic exempt income of $5,000 and had total food expense of $1,000 on books. What is the result of the Schedule M-1 reconciliation per Schedule line 10. a. $81,600 b. $90,500 c. $95,500 d. $95,000 The net operating losses (NOLs) that a corporation has available to be used against taxable income for the year 2020 are subject to a. A limitation of 90% of taxable income b.…
Required(a) Calculate the current and deferred tax of Bright Star Ltd for each year, 2018 and 2019 ( (b) Prepare the required tax journal entries for each year.