Miray Demir Çelik Anonim Şirketi's 2019 commercial profit is 400.000 TL. Its tax-exempt income is 30.000 TL and its legally unacceptable expenses are 50.000 TL. What is the company's tax base? A) 270,000 B) 420,000 C) 320,000 D) 380,000 E) 400,000

Miray Demir Çelik Anonim Şirketi's 2019 commercial profit is 400.000 TL. Its tax-exempt income is 30.000 TL and its legally unacceptable expenses are 50.000 TL. What is the company's tax base? A) 270,000 B) 420,000 C) 320,000 D) 380,000 E) 400,000

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter3: Corporations: Introduction And Operating Rules

Section: Chapter Questions

Problem 53P

See similar textbooks

Related questions

Q: Lee Company's current income taxes payable related to its taxable income for 2020 is $320,000. In…

A: Income Tax Expenses: The expenses which are related to the taxable income of the individuals and…

Q: Isaac Inc. began operations in January 2021. For some property sales, Isaac recognizes income in the…

A: Taxable income is the measurement of income which is used to calculate the amount of tax that needs…

Q: YORMS Corp has the following data for the year ended December 31, 2021:…

A: The corporate tax rates apply to gross revenue obtained from sources within the Philippines for…

Q: For its current tax year, Ilex Corporation has ordinary income of $250,000, a short-term capital…

A: As it is given in the question, Prior to 2018, the U.S. corporate tax rate structure had eight tax…

Q: Jackie forecasts the following for the taxable year 2023.

A: In Phillipines there is a system of optional standard deduction for…

Q: 9. Chicken Wings Company's profit before tax for the six months to September 30, 2021, was…

A: As per IAS 34 Interim Financial Reporting, while calculating income tax expenditure, tax rate should…

Q: Roscoe Company has a contract with its CEO to pay him a bonus during each of the years 2018 – 2021.…

A: GIVEN Roscoe Company has a contract with its CEO to pay him a bonus during each of the years 2018…

Q: General Motors offers thhis employee group term amount of $100,000. General Motors paidS100 per…

A: Hello. Since your question has multiple parts, we will solve first question for you. If you want…

Q: - As of the end of 2019, the status of the 690 Period Profit or Loss Account of our business and…

A: Income 4680000 Expenses 3500000

Q: Almond Corporation, a calendar year C corporation, had taxable income of $400,000, $600,000 and…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: Bernie Bird Corporation provides a bonus equal to 10% of Bernie’s income in excess of P100,000…

Q: Mr. Borbon had the following data for his income tax return for the current year: Sales Personal…

A: The question is related to taxation. In case if the we optioned to taxed by 8% , the there will be…

Q: e Bron Corporation has the following information for 2021 taxable year: Quarter RCIT MCIT CWT…

A: Minimum corporate income tax (MCIT) is only eligible for carried forward in case there is MCIT…

Q: Fitzroy Pty Ltd is an Australian company. During the 2020/21 financial year Fitzroy Pty Ltd had…

A: Tax payable = tax rate * (income - deductions)

Q: x withheld $27,000 $30,000 Est $31,000 Advise Michelle as to her instalment payment options for 2021…

A: The tax is given as,

Q: Export-Import Corporation paid the amount of P13,000.00 to Hernando’s Hideaway Resort Corporation…

A: To promote employee motivation or job satisfaction, some employers gives additional benefits to…

Q: Assume that The Bell Company operates in an industry for which NOL carryback is allowed. The Bell…

A: Income tax refund will be receivable of previous 2 year

Q: Ms. V is the Sole proprietress of VVV Company. She has the following business income in 2020.…

A: Ms. V is the sole proprietress of VVV company. In 2020, Standard deduction = 40% Gross sales =…

Q: R. Pedro Penduko resigned in 2019 after 20 years of service. He had the following income during the…

A: Gross Income While calculating the gross income there are number of items which are exemption from…

Q: Company A, a C Corporation, in 2021 has a loss of $200,000. During 2022, 2023, 2024, and 2025, the…

A: Federal income taxes are paid on the income earned during the tax year by an entity. However, income…

Q: A person pays no tax on their first £3,500 of earnings and then 23% tax on the remainder. If they…

A: We have the following information: A person pays no tax on their first £3,500 of earnings and then…

Q: March 1, 2019, Tina Corporation reported the following business income and expenses: Sales…

A: The net income is calculated as difference between total revenue and total expenses incurred during…

Q: Country A has a tax rate of 5% on the first $20,000 of taxable income, then 20% on the next $30,000,…

A: Taxation According to IRS while computing net taxable amount to taken up the deduction in proper…

Q: LENI Lugawan Corp has the following data for the year ended December 31, 2021:…

A: The company is a resident corporation hence domestic corporate income tax due will be income tax at…

Q: Four Square Services Corporation estimates that its 2021 taxable income will be $1,000,000. Thus, it…

A: Given:Estimated taxable income for 2021=$1000000Liability=$210000To compute:Minimum quarterly…

Q: How much is the excessive tax benefits to be credited to tax expense on January 2, 2019 according to…

A: Stock based compensation is the type of compensation or the option which are given to the employees…

Q: ABC Corporation provides you with the following information for the 2020 tax year, which was the…

A: Tax is the charge which is charged on the taxable income of the taxpayer earned during the year. The…

Q: During 2020, Coronado Inc. had sales revenue $1368000, gross profit $730300, operating expenses…

A: answer with explanation areas follows:

Q: The Dakota Corporation had a 2021 taxable income of $20,000,000 from operations after all operating…

A: Tax refers to the amount charged by the government from the individual and companies on the income…

Q: sir, the owner of a carving wood craft business with a gross income (turnover) of…

A: Taxable Income: The amount of income used to determine the tax liability of an…

Q: Samuel Co. has had taxable income of $450,000, $570,000, $760,000 and $680,000 in years 2013 through…

Q: What is the corporate income tax liability at December 31, 2020?

A: Calculation of corporate income tax liability at December 31, 2020: Profit before the deduction of…

Q: A firm pays $22,000,000 in compensation to its 401K participants in 2021. What is the maximum…

A: Given: A firm pays $22,000,000 in compensation to its 401K participants in 2021

Q: t December 31, 2022 Mindoro Corporation’s taxable profit is P5,000,000. The following items are the…

A: Lets understand the basics. When there is temporary taxable differencce arise between the taxable…

Q: A taxpayer earned the following incomes (gross amounts) in 2020: (Assume source is Phils unless…

A: Answer: Computation of ordinary or active income of domestic corporation: Dividends from ABC…

Q: Arndt, Inc., reported the following for 2018 and 2019 ($ in millions): 2018 2019 Revenues $ 995…

A: Solution 4: Tax schedule showing reconciliation between pre tax financial income, taxable income,…

Q: One branch of Galssy Company earned an income of P560,000 before bonus and taxes for 2020. The…

Q: A mixed income earner realized P920,000 from compensation, P2,000,000 in sales, P100,000 other…

A: Income tax is levied by the central and state government on the income earned by the firm in the…

Q: Fantasy Sdn Bhd incurred motor vehicle expenses of RM20,000 in the year ended 30 September 2019. It…

A: The monetary payment that is required to be made to the tax authority is defined as tax. Any…

Q: At 30 June 2019, Beta Ltd had the following deferred tax balances: Deferred tax liability…

A: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: At the end of 2021, a company has a deferred tax asset with a balance of $480,000.The company has a…

A: The valuation allowance is prepared to estimate the income tax expense.

Q: For its current tax year, Ilex Corporation has ordinary income of $250,000, a short-term capital…

A: Tax is a liability that has to be paid to the government that acts as revenue for the government.…

Q: Brent Company's income statement for the year ended December 31, 2020 (considered as th r of…

A: Solution: taxable income = pretax financial income - excess revenue under accounting records -…

Q: In 2021, Eric Corporation reported P90,000 net income before income taxes. The income tax rate for…

A: Solution: Current Tax = (90000-60000) * 30% = 30000*30% = 9000 DTA reversed = 60000*35% = 21000

Q: Buffalo Company has the following two temporary differences between its income tax expense and…

Q: Arndt, Ic., reported the following for 2018 and 2019 ($ in millions): 2018 2019 $ 995 $1,073 840 $…

A: Solutoin 6: Tax schedule showing reconciliation between pre tax financial income, taxable income,…

Q: A company had pretax financial income of $796,000 in 2021. During 2021, the following items cause…

A: Taxable income = Financial Income + Expenses disallowed under tax - Income not taxable in current…

Q: 11. In 2019, LSP company reported a net income of $57,000. They had reported earnings before…

A: Net income (EAT) = $57000 EBIT = $150,000 Tax rate = 40%

Q: Company has earned an income of RO 20,000 in the tax year 2019. In the year 2013 and 2015 company…

A: As per Oman tax laws, The rate of income tax is uniform for all types of business entities,…

Concept explainers

Filing Federal Income Tax Return

A tax is the amount of money paid to the government on the revenue earned by the individual or business organization. It acts as an income for the government and an expense for the individual or business organization. There are different regulations regarding filing an income tax return in other countries.

Question

29 - Miray Demir Çelik Anonim Şirketi's 2019 commercial profit is 400.000 TL. Its tax-exempt income is 30.000 TL and its legally unacceptable expenses are 50.000 TL. What is the company's tax base?
A) 270,000

B) 420,000

C) 320,000

D) 380,000

E) 400,000

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

LO.2 Oak Corporation has the following general business credit carryovers. If the general business credit generated by activities during 2019 equals 36,000 and the total credit allowed during the current year is 60,000 (based on tax liability), what amounts of the current general business credit and carryovers are utilized against the 2019 income tax liability? What is the amount of unused credit carried forward to 2020?
Rhodes Corporations financial statements are shown after part f. Suppose the federal-plus-state tax corporate tax is 25%. Answer the following questions. a. What is the net operating profit after taxes (NOPAT) for 2020? b. What are the amounts of net operating working capital for both years? c. What are the amounts of total net operating capital for both years? d. What is the free cash flow for 2020? e. What is the ROIC for 2020? f. How much of the FCF did Rhodes use for each of the following purposes: after-tax interest, net debt repayments, dividends, net stock repurchases, and net purchases of short-term investments? (Hint: Remember that a net use can be negative.) Rhodes Corporation: Income Statements for Year Ending December 31 (Millions of Dollars) Rhodes Corporation: Balance Sheets as of December 31 (Millions of Dollars)
Ironwood Corporation has ordinary taxable income of $65,000 in 2019, and a short-term capital loss of $15,000. What is the corporation's tax liability for 2019? $7,500 $5,250 $10,500 $13,650 None of the above
LO.5 Beige Corporation has a fiscal year ending April 30. For the year ending April 30, 2018, Beige generated taxable income of 1,200,000. What is Beige Corporations tax liability for this period?
32 - As of the end of 2019, the status of the 690 Period Profit or Loss Account of our business and other issues are as follows: Its legally unacceptable expenses are 300.000 TL, and its tax exemption earnings are 80.000 TL. The corporate tax rate is 22%. What is the Corporate Tax Amount of the Business? a) 325,600 TL B) 259,600 TL NS) 308,000 TL D) 1,029,600 TL TO) 770.000 TL
19 Export-Import Corporation paid the amount of P13,000.00 to Hernando’s Hideaway Resort Corporation for the vacation expenses of Mr. Leandro Lopez, its warehouse manager, in April 2020. The journal entry to record the fringe benefit expense and fringe benefit tax expense is: Group of answer choices Debits: Fringe benefit expense, P13,000.00; Fringe benefit tax expense, P7,000.00. Credit: Cash, P20,000.00. Debits: Fringe benefit expense, P13,000.00; Fringe benefit tax expense, P7,000.00. Credits: Fringe benefit expense payable, P13,000.00; Fringe benefit tax payable, P7,000.00. Debits: Fringe benefit expense, P13,000.00; Fringe benefit tax expense, P7,000.00. Credits: Cash, P13,000.00; Fringe benefit tax payable, P7,000.00. Debits: Fringe benefit expense, P20,000.00; Fringe benefit tax expense, P7,000.00. Credits: Cash, P20,000.00; Fringe benefit tax payable, P7,000.00.
17-Akram made the capital gains £40,000 and capital losses £10,000 during the year tax year 2019/20. How much is the taxable gain for the tax year 2019/20, as per UK tax laws? a. £12,000 b. None of the options c. £30,000 d. £18,000
21-Khalifa's taxable gain is £20,000 from disposal of other assets and had taxable income of £37,500. How much is the net tax liability for the tax year 2019/20 as per UK tax laws? a. £5,500 b. None of the options c. £11,500 d. £2,000
9. Chicken Wings Company's profit before tax for the six months to September 30, 2021, was P5,000,000. However, the business is seasonal and profit before tax for the six months to March 31, 2022, is almost certain to be P9,000,000. Profit before tax equals taxable profit for this company. Chicken Wings operates in a country where income tax on companies is at a rate of 30% if annual profits are below P11,000,000 and a rate of 35% where annual profits exceed P11,000,000. These tax rates apply to the entire profit for the year. Under IAS 34 Interim Financial Reporting, what should be the income tax expense in Chicken Wings’ interim financial statements for the half year to September 30, 2021?
21- After our business deducted 20% income tax on 48.000 TL, which is the one-year rent of the workplace it rented for one year on 01.03.2020 , the rest was paid to the owner of the real estate from the bank. In accordance with the concept of periodicity, how much is the amount that should be accepted as an expense in the future period? a) 40.000 TL B) 8.000 TL NS) 9,600 TL D) 38,400 TL TO) 48,000 TL
1. soru At the end of 2019, The Business with 20% Corporate tax rate has Expenses: TL3.150.000 and Revenues: TL3.375.000. How much is the Tax Payable if the business prepaid income tax of TL15.000 during the accounting period? a.TL30.000 b.TL15.000 c.TL45.000 d.TL60.000
37-Ali has taxable trading income of £20,000 and employment income of £10,000 and dividend income £2,000 and no savings income for the tax year 2019/20. Which one of the following is Ali's income tax liability for the year 2019/20 as per the UK tax laws? a. None of the options O b. £3,500 O c. £6,000 O d. £2,500