Tamarisk Corporation had income from continuing operations of $10,763,000 in 2020. During 2020, it disposed of its restaurant division at an after-tax loss of $201,600. Prior to disposal, the division operated at a loss of $324,000 (net of tax) in 2020 (assume that the disposal of the restaurant division meets the criteria for recognition as a discontinued operation). Tamarisk had 10,000,000 shares of common stock outstanding during 2020. Prepare a partial income statement for Tamarisk beginning with income from continuing operations.
Tamarisk Corporation had income from continuing operations of $10,763,000 in 2020. During 2020, it disposed of its restaurant division at an after-tax loss of $201,600. Prior to disposal, the division operated at a loss of $324,000 (net of tax) in 2020 (assume that the disposal of the restaurant division meets the criteria for recognition as a discontinued operation). Tamarisk had 10,000,000 shares of common stock outstanding during 2020. Prepare a partial income statement for Tamarisk beginning with income from continuing operations.
Chapter14: Property Transactions: Capital Gains And Losses, § 1231, And Recapture Provisions
Section: Chapter Questions
Problem 68P
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Tamarisk Corporation had income from continuing operations of $10,763,000 in 2020. During 2020, it disposed of its restaurant division at an after-tax loss of $201,600. Prior to disposal, the division operated at a loss of $324,000 (net of tax) in 2020 (assume that the disposal of the restaurant division meets the criteria for recognition as a discontinued operation). Tamarisk had 10,000,000 shares of common stock outstanding during 2020. Prepare a partial income statement for Tamarisk beginning with income from continuing operations.
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