Question: Eight independent situations are described below. Each involves future deductible amounts and/or future taxable amounts ($ in millions). Required: For each situation, determine taxable income,

Eight independent situations are described below. Each involves future deductible amounts and/or future taxable amounts ($ in millions).

Temporary Differences Reported First on: The Income Statement The Tax Return Revenue Expense Revenue Expense 1. $20 2. $20 3. $20 4. $20 5. 15 20 6. 20 15 7. 15 20 10 8. 15 20 10

Required:

For each situation, determine taxable income, assuming pretax accounting income is $100 million.

Temporary Differences Reported First on: The Income Statement The Tax Return Revenue Expense Revenue Expense 1. $20 2. $20 3. $20 4. $20 5. 15 20 6. 20 15 7. 15 20 10 8. 15 20 10

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