Eva Designs, Inc., a corporation organized on January 1, 2005, reported the following incomes (losses) for the
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Question:
Eva Designs, Inc., a corporation organized on January 1, 2005, reported the following incomes (losses) for the ten-year period, 2005-2014:
Year | Income (Loss) | Income Tax Rate | Income Tax Paid |
---|---|---|---|
2005 | $14,000 | 50% | $7,000 |
2006 | (42,000) | 50 | 0 |
2007 | 17,000 | 48 | 8,160 |
2008 | 25,000 | 48 | 12,000 |
2009 | (34,000) | 45 | 0 |
2010 | 20,000 | 42 | 8,400 |
2011 | 32,000 | 42 | 13,440 |
2012 | 64,000 | 34 | 21,760 |
2013 | 80,000 | 34 | 27,200 |
2014 | (16,000) | 30 | 0 |
Applying the carryback provisions in the tax law, compute the net amount of taxes paid (amounts paid less refunds) for the ten-year period ending December 31, 2014.
Related Book For
Engineering Economy
ISBN: 978-0132554909
15th edition
Authors: William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
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