Multiple Choice FU Corporation is an exempt BMBE taxpayer in 2020 but became a taxable regular income taxpayer in 2021. It deducted P160,000 bad debt expense in 2020. In 2021, it recovered P30,000 out of the bad debts. Net income before bad debts in 2020 is P100,000 while net income before bad debts in 2021 amounted to 130,000. Compute for the net income in 2021. P100,000 P130,000 O P160,000 O P190,000

Multiple Choice FU Corporation is an exempt BMBE taxpayer in 2020 but became a taxable regular income taxpayer in 2021. It deducted P160,000 bad debt expense in 2020. In 2021, it recovered P30,000 out of the bad debts. Net income before bad debts in 2020 is P100,000 while net income before bad debts in 2021 amounted to 130,000. Compute for the net income in 2021. P100,000 P130,000 O P160,000 O P190,000

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter20: Corporations And Partnerships

Section: Chapter Questions

Problem 15DQ: LO.5 Beige Corporation has a fiscal year ending April 30. For the year ending April 30, 2018, Beige...

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LO.3 Green Corporation, a calendar year taxpayer, has ordinary income of 10,000 and a long-term capital loss of 12,000 in 2019. Green incurred a long-term capital gain of 2,500 in 2016 and a long-term capital gain of 5,000 in 2018. a. How much of the long-term capital loss can be deducted in 2019? b. Carried back to prior years? c. Carried forward to future years? d. What is the nature (long- or short-term) of any carrybacks or carryforwards?
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?
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