PRINCIPLES OF TAXATION F/BUS...(LL)
23rd Edition
ISBN: 9781260433197
Author: Jones
Publisher: MCG
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Chapter 18, Problem 3AP
a.
To determine
Identify the filing and extended filing date for filing the Form 1120 for the fiscal year ending March 31, 2019 of Incorporation Z.
b.
To determine
Identify the filing and extended filing date for filing the Form 1120 for the fiscal year ending June 30, 2019 of Incorporation Z.
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An entity was organized on January I, 2019. The entity had pretax accounting income of P5,000,000 and taxable income of P7,000,000 for the current year. The only temporary difference is accrued product warranty cost that is expected to be paid in 2080. The enacted tax rates are 30% for 2019 and 25% for 2020 and thereafter. What amount should be reported as total income tax expense in the income statement for 2019?
Patriot Corporation reports the following results for the current year:
View the current year results.
Read the requirements.
Requirement a. What are Patriot's taxable income and income tax liability for the current year?
Begin by computing Patriot's taxable income. (If an input field is not used in the table, leave the input field empty; do not select a label or enter a zero.)
Gross income
Minus:
Taxable income
Requirements
a.
What are Patriot's taxable income and income tax liability for the current year?
b. How would your answers to Part a change if Patriot's short-term capital loss is
$12,000 instead of $2,000?
Print
Done
- X
Current Year Results
Gross profits on sales
Long-term capital gain
Long-term capital loss
Short-term capital gain
Short-term capital loss
Operating expenses
Print
$ 159,000
7,000
8,000
9,000
2,000
70,000
Done
X
Scarlet Company had pretax accounting income of P2,400,000 during 2020. Scarlet Company’s temporary difference for 2020 relates to a sale made in 2019 and recognized for accounting purposes at that time. However, Scarlet Company uses the installment method of revenue recognition for tax purposes. During 2020, the company collected a receivable from the 2019 sale which resulted in P600,000 of income under the installment method. 1. What is Scarlet Company’s taxable income for 2020?
Chapter 18 Solutions
PRINCIPLES OF TAXATION F/BUS...(LL)
Ch. 18 - Prob. 1QPDCh. 18 - Prob. 2QPDCh. 18 - Prob. 3QPDCh. 18 - Prob. 4QPDCh. 18 - Prob. 5QPDCh. 18 - Prob. 6QPDCh. 18 - Prob. 7QPDCh. 18 - Prob. 8QPDCh. 18 - Prob. 9QPDCh. 18 - Prob. 10QPD
Ch. 18 - Prob. 11QPDCh. 18 - Prob. 12QPDCh. 18 - Prob. 13QPDCh. 18 - Prob. 14QPDCh. 18 - Prob. 1APCh. 18 - Prob. 2APCh. 18 - Prob. 3APCh. 18 - Prob. 4APCh. 18 - Prob. 5APCh. 18 - Prob. 6APCh. 18 - Prob. 7APCh. 18 - Prob. 8APCh. 18 - Prob. 9APCh. 18 - Prob. 10APCh. 18 - Prob. 11APCh. 18 - Prob. 12APCh. 18 - A revenue agent determined that Ms. Owen underpaid...Ch. 18 - Prob. 14APCh. 18 - Prob. 15APCh. 18 - Prob. 16APCh. 18 - Prob. 17APCh. 18 - Prob. 18APCh. 18 - Prob. 19APCh. 18 - Prob. 20APCh. 18 - Prob. 22APCh. 18 - Prob. 8IRPCh. 18 - Prob. 9IRPCh. 18 - Prob. 1RPCh. 18 - Prob. 2RPCh. 18 - Prob. 1TPCCh. 18 - Prob. 2TPC
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