Describe the Book/Tax Impact of each transaction:(Book to Tax Reconciliation) Brief Facts: Taxable Income for charitable contribution
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Describe the Book/Tax Impact of each transaction:(Book to Tax Reconciliation)
Brief Facts:
Taxable Income for charitable contribution limitation purposes/ before any charitable contribution, NOL carryover from the previous year, and DRD – $9,100,000.00
- NOL carryover from the prior year - $500,000.00
- Depreciation has a favorable difference (book depreciation vs. tax depreciation) of $100,000.00
- Bad Debt expense is accrued at $150,000.00 but cash expense is only $50,000.00
- Charitable contribution is $2,000,000.00
- Company A owns 50% of Company B. Company B paid Company A $1,000,000.00 in dividends
Related Book For
Elementary Statistics A step by step approach
ISBN: 978-0073386102
8th edition
Authors: Allan Bluman
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