On your review of the books and records of Ridge Corporation, you note the following information pertaining
Question:
Net income per books.............. $525,400
Book income tax expense........... 234,600
Dividends received deduction ........... 70,000
Capital gains ................ 50,000
Capital losses .................. (60,000)
MACRS depreciation.............. 80,000
Book depreciation.............. 65,000
a. Calculate Ridge’s taxable income and Federal income tax liability for the year.
b. Calculate Ridge’s deferred income tax liability.
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a Book income before income tax expense 525400 234600 760000 Permanent ...View the full answer
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Related Book For
South Western Federal Taxation 2018 Essentials Of Taxation Individuals And Business Entities
ISBN: 9781337386173
21st Edition
Authors: William A. Raabe, James C. Young, Annette Nellen, David M. Maloney
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