Refer to Exhibit 1.1. For a regular corporation, prepare a list of the following: Exhibit 1.1 a.
Question:
Exhibit 1.1
a. Income items that are taxed (specifically, items included in realized income)
b. Items excluded from realized income
c. Deductions and exemptions
d. Credits
Transcribed Image Text:
Economic income Economic income Realized income (561) = Realized income (561) = Gross income Gross income = Adjusted Gross Income (AGI) 1. Max (itemized deductions or the standard deduction)" 2. Exemptions Taxable income X Tax rate = Gross tax - Credits = Taxable income Tax rates = Gross tax - Credits Regular tax + Excess (if any) of tentative Regular tax + Excess (if any) of tentative ini ver ular t nimu = Federal income tax liability Federal income tax liability
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Related Book For
Taxes And Business Strategy A Planning Approach
ISBN: 9780132752671
5th Edition
Authors: Myron Scholes, Mark Wolfson, Merle Erickson, Michelle Hanlon
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