XY is a domestic corporation. The corporation started operating year 2017. The taxable period is 2021 year gross income deductions net 2017 5,000,000 6,000,000 -1,000,000 2018 6,000,000 5,500,00 500,000 2019 6,000,000 4,000,000 2,000,000 2020 3,000,000 4,000,000 -1,000,000 2021 5,000,000 3,900,000 1,000,000 a. How much is the CORPORATE INCOME tax that should be paid in 2022 (Show computation) A. 50,000 B. 110,000 C. 170,000 D. 200,000 b. How much CORPORATE INCOME tax should be paid in 2021 (Show computation) A. 275,000 B. 50,000 C. 25,000 D. 20,000 E. Zero
XY is a domestic corporation. The corporation started operating year 2017. The taxable period is 2021 year gross income deductions net 2017 5,000,000 6,000,000 -1,000,000 2018 6,000,000 5,500,00 500,000 2019 6,000,000 4,000,000 2,000,000 2020 3,000,000 4,000,000 -1,000,000 2021 5,000,000 3,900,000 1,000,000 a. How much is the CORPORATE INCOME tax that should be paid in 2022 (Show computation) A. 50,000 B. 110,000 C. 170,000 D. 200,000 b. How much CORPORATE INCOME tax should be paid in 2021 (Show computation) A. 275,000 B. 50,000 C. 25,000 D. 20,000 E. Zero
Chapter11: The Corporate Income Tax
Section: Chapter Questions
Problem 1MCQ: Ironwood Corporation has ordinary taxable income of $65,000 in 2019, and a short-term capital loss...
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XY is a domestic corporation. The corporation started operating year 2017. The taxable period is 2021
| year | gross income | deductions | net |
| 2017 | 5,000,000 | 6,000,000 | -1,000,000 |
| 2018 | 6,000,000 | 5,500,00 | 500,000 |
| 2019 | 6,000,000 | 4,000,000 | 2,000,000 |
| 2020 | 3,000,000 | 4,000,000 | -1,000,000 |
| 2021 | 5,000,000 | 3,900,000 | 1,000,000 |
a. How much is the CORPORATE INCOME tax that should be paid in 2022 (Show computation)
A. 50,000 B. 110,000 C. 170,000 D. 200,000
b. How much CORPORATE INCOME tax should be paid in 2021 (Show computation)
A. 275,000 B. 50,000 C. 25,000 D. 20,000 E. Zero
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ISBN:
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Author:
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