Additional information necessary for determining taxable income: The depreciation expense for the year under MACRS was $64,000The amount of accounts
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The depreciation expense for the year under MACRS was $64,000The amount of accounts receivable written off as uncollectible during the year was $22,000BoxCo owns 24% of the corporation from which it received dividends
Determine the permanent book-tax differences (BTDs)
Organize the Effective Tax Rate ReconciliationFor homework:
Enter the company's Income Statement on an Excel spreadsheet
On a separate Excel worksheet (within the same document), organize a template for the Effective Tax Rate Reconciliation
Use this spreadsheet to complete the Effective Tax Rate Reconciliation assuming the same facts except that:
BoxCo contributed $15,000 to a political action committee
Federal Tax Rate is 40%
The state Tax Rate is 6%