Habiby, Inc., began operations in 2019 and has the following income and expenses for 2019 through 2022.
Question:
Habiby, Inc., began operations in 2019 and has the following income and expenses for 2019 through 2022.
a. What is the amount of tax that Habiby should pay each year?
b. How much would Hadley paid in tax if the old NOL rules were in place but the corporate tax rate was 21 percent?
Transcribed Image Text:
2019 2020 2021 2022 $ 180,000 $ 300,000 $ 320,000 (150,000) (400,000) $(100,000) $ 150,000 $ (80,000) $ 100,000 $ 320,000 (220,000) Income Expenses (280,000) Taxable Income
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 72% (11 reviews)
a 2019 Habiby would pay no tax in 2019 due to its NOL for that year The NOL can be carried forward indefinitely 2020 Habiby would pay tax of 10500 21 ...View the full answer
Answered By
Pushpinder Singh
Currently, I am PhD scholar with Indian Statistical problem, working in applied statistics and real life data problems. I have done several projects in Statistics especially Time Series data analysis, Regression Techniques.
I am Master in Statistics from Indian Institute of Technology, Kanpur.
I have been teaching students for various University entrance exams and passing grades in Graduation and Post-Graduation.I have expertise in solving problems in Statistics for more than 2 years now.I am a subject expert in Statistics with Assignmentpedia.com.
4.40+
3+ Reviews
10+ Question Solved
Related Book For
Concepts In Federal Taxation 2021
ISBN: 9780357141212
28th Edition
Authors: Kevin E. Murphy, Mark Higgins, Randy Skalberg
Question Posted:
Students also viewed these Business questions
-
The corporate income tax rates in two countries, A and B, are 40 percent and 25 percent, respectively. Additionally, both countries impose a 30 percent withholding tax on dividends paid to foreign...
-
Habiby, Inc., has the following income and expenses for 2014 through 2017. What is the amount of tax that Habiby should pay each year? Use the corporate tax rate schedules in Appendix B to compute...
-
Habiby, Inc., has the following income and expenses for 2009 through 2012. What is the amount of tax that Habiby should pay each year? Use the corporate tax rate schedules in Appendix A to compute...
-
Write a bash shell script which calculate BMI (Body Mass Intensive). The BMI formula uses your weight (in kg or pounds) and your height (in meters or inches) to form a simple calculation that...
-
For comparison purposes, mutual funds are often grouped into various categories. Do Canadian equity funds and Canadian balanced equity funds differ with respect to percentage of foreign holdings...
-
It is commonly suggested that a management accounting system should be capable of supplying different measures of cost for different purposes. You are required to set out the main types of purpose...
-
For a certain fluid flow problem it is known that both the Froude number and the Weber number are important dimensionless parameters. If the problem is to be studied by using a 1:15 scale model,...
-
Hampshire Motors Ltd., a British manufacturing company, wants to buy a production machine that isnt available in England. Comparable products are made by an American company and a French firm. The...
-
What is the definition of abnormal psychology ? What diagnoses come to mind when defining abnormal psychology?
-
An electron in a three-dimensional rectangular box with dimensions of 5.00 , 3.00 , and 6.00 makes a radiative transition from the lowest-lying excited state to the ground state. Calculate the...
-
The Graves Corporation was incorporated in 2019 and incurred a net operating loss of $35,000. The companys operating income in 2020 was $47,000. Because of a downturn in the local economy, the...
-
Mort is the sole owner of rental real estate that produces a net loss of $18,000 in 2019 and $20,000 in 2020 and income of $6,000 in 2021. His adjusted gross income, before considering the rental...
-
The Internet provides a wealth of information concerning long-term liabilities, bond financing, types of bonds, unique features of bonds. Instructions Search the Internet and learn about the...
-
Assume that Global Cleaning Service performed cleaning services for a department store on account for $180. How would this transaction affect Global Cleaning Services accounting equation? a. Increase...
-
The document that explains all the differences between the companys cash records and the banks figures is called a(n) a. bank collection. b. electronic fund transfer. c. bank statement. d. bank...
-
The balance sheet reports the a. financial position on a specific date. b. results of operations on a specific date. c. financial position for a specific period. d. results of operations for a...
-
Liberty Corporation reported beginning and ending total assets of $25,000 and $22,000, respectively. Its net sales for the year were $18,800. What was Libertys asset turnover ratio? a. 0.75 b. 0.85...
-
The revenue recognition principle requires a. time to be divided into annual periods to measure revenue properly. b. revenue to be recorded only after the business has satisfied its performance...
-
Why can't an ecosystem's energy pyramid be inverted (that is, upside-down)?
-
Which of the following gives the range of y = 4 - 2 -x ? (A) (- , ) (B) (- , 4) (C) [- 4, ) (D) (- , 4] (E) All reals
-
What alternatives does a producer have if it is trying to expand distribution in a foreign market and finds that the best existing merchant wholesalers wont handle imported products?
-
Discuss the future growth and nature of wholesaling if chains, scrambled merchandising, and the Internet continue to become more important. How will wholesalers have to adjust their mixes? Will...
-
Art Glass Productions, a producer of decorative glass gift items, wants to expand into a new territory. Ma n agers at Art Glass know that unit sales in the new territory will be affected by consumer...
-
(3) Calculate m(R) (volume of R) Given: R is the region of the 3- dim space, defined by: 3 Upper border: Z = 92 (x, y) = 3x+5y3 Lower border: Z = 9, (x,y) = x+y xy projection: D= pr (R) = triangle...
-
Explain what is Model, Strategy, Algorithm in math teaching? How is it similar/compare to 'algorithm' language of borrow or carry over in subtraction
-
Directions and Info for Building 1. Use a program where you can draw and type, like pages, or you can draw this out on a piece of paper and take a picture to submit. 2. You will begin with the...
Study smarter with the SolutionInn App