Question: Refer to Exhibit 1.1. For a regular corporation, prepare a list of the following: Exhibit 1.1 a. Income items that are taxed (specifically, items included

Refer to Exhibit 1.1. For a regular corporation, prepare a list of the following:
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

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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