Book Income $ 25,000,000 Amounts already included in determining book income: Book Depreciation (used to calculate...
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Book Income $ 25,000,000 Amounts already included in determining book income: Book Depreciation (used to calculate book income) Tax Depreciation (for tax purposes only) Write-off of impaired goodwill (stock acquisition) Bribes paid to expedite permits for new warehouse Insurance expense for three years Expenses for fines and penalties Meals and entertainment expenses Municipal interest income exempt from Federal tax Bad debt expense accrued but not yet written off Revenue previously recognized for tax purposes Bonus accrued for books but not yet paid $ 1,200,000 1,700,000 2,000,000 20,000 600,000 800,000 1,750,000 450,000 1,100,000 300,000 4,000,000 Assuming a statutory Federal Income Tax rate of 35%, calculate the following: A. Taxable Income B. Federal Income Tax Provision (per Financial Statements) с. Federal Income Tax Liability (per return) D. Effective tax rate (per Financial Statements) E. Deferred Tax Asset/ (Liability) Book Income $ 25,000,000 Amounts already included in determining book income: Book Depreciation (used to calculate book income) Tax Depreciation (for tax purposes only) Write-off of impaired goodwill (stock acquisition) Bribes paid to expedite permits for new warehouse Insurance expense for three years Expenses for fines and penalties Meals and entertainment expenses Municipal interest income exempt from Federal tax Bad debt expense accrued but not yet written off Revenue previously recognized for tax purposes Bonus accrued for books but not yet paid $ 1,200,000 1,700,000 2,000,000 20,000 600,000 800,000 1,750,000 450,000 1,100,000 300,000 4,000,000 Assuming a statutory Federal Income Tax rate of 35%, calculate the following: A. Taxable Income B. Federal Income Tax Provision (per Financial Statements) с. Federal Income Tax Liability (per return) D. Effective tax rate (per Financial Statements) E. Deferred Tax Asset/ (Liability)
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A Taxable Income Taxable Income 1570000 25000000 1200000 1700000 20... View the full answer
Related Book For
Canadian Income Taxation planning and decision making
ISBN: 9781259094330
17th edition 2014-2015 version
Authors: Joan Kitunen, William Buckwold
Posted Date:
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