Danping Corporation, a calendar year taxpayer, sells lawn furniture through big box stores. It manufactures some of

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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 2017, Danping's records reveal the following information:

Furniture Sold Imported Manufactured Gross receipts CGS $2,600,000 1,100,000 $1,600,000 850,000

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?

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South Western Federal Taxation 2018 Corporations Partnerships Estates And Trusts

ISBN: 1389

41st Edition

Authors: William H. Hoffman, William A. Raabe, James C. Young, Annette Nellen, David M. Maloney

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Question Posted: Jan 30, 2018 08:35 AM

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Danping Corporation, a calendar year taxpayer, sells lawn furniture through big box stores. It manufactures some of

Question:

Furniture Sold Imported Manufactured Gross receipts CGS $2,600,000 1,100,000 $1,600,000 850,000

Step by Step Answer:

a 2600000 DPGR cannot include gross receipts from the resale of imported goods b To determ...View the full answer

South Western Federal Taxation 2018 Corporations Partnerships Estates And Trusts

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