Danping Corporation, a calendar year taxpayer, sells lawn furniture through big box stores. It manufactures some of
Question:
Danping Corporation, a calendar year taxpayer, sells lawn furniture through big box stores. It manufactures some of the furniture and imports some from unrelated foreign producers. For tax year 2015, Danping's records reveal the following information:
Danping also has selling and marketing expenses of $700,000 and administrative expenses of $300,000. Under the simplified deduction method, what is Danping’s:
a. DPGR?
b. QPAI?
c. DPAD?
Transcribed Image Text:
Furniture Sold Manufactured Imported Gross receipts $2,600,000 $1,600,000 850,000 CGS 1,100,000
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a 2600000 DPGR cannot include gross receipts from the resale of imported goods b To determin...View the full answer
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Related Book For
South Western Federal Taxation 2016 Corporations Partnerships Estates And Trusts
ISBN: 9781305399884
39th Edition
Authors: James Boyd, William Hoffman, Raabe, David Maloney, Young
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