First: If a business has earned taxable income of AED 1.2 million, Calculate the amount of...

 

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First: If a business has earned taxable income of AED 1.2 million, Calculate the amount of the UAE Corporate Tax payable. (2 marks) Second: Wollaton Corporation, a U.S. manufacturer (a C corporation), reports the following results in its financial accounting records: Sale revenues Cost of goods sold Tax exempt interest income Dividend income Loss on sale of marketable securities Wages Other operating expenses Depreciation Charitable contributions Additional information: 5 Depreciation under MACRS is $120,000. 5 Wollaton Corporation owns 40% of the Green Land company from which it received dividends. Required: (show your calculations) 1. Calculate Wollaton's taxable income, income tax liability, and any carryovers (6 marks) generated. 2. Briefly discuss the disadvantages of 5 corporation. $2,650,000 1,450,000 76,500 80,000 9,700 650,000 150,000 80,000 45,000 (2 marks) First: If a business has earned taxable income of AED 1.2 million, Calculate the amount of the UAE Corporate Tax payable. (2 marks) Second: Wollaton Corporation, a U.S. manufacturer (a C corporation), reports the following results in its financial accounting records: Sale revenues Cost of goods sold Tax exempt interest income Dividend income Loss on sale of marketable securities Wages Other operating expenses Depreciation Charitable contributions Additional information: 5 Depreciation under MACRS is $120,000. 5 Wollaton Corporation owns 40% of the Green Land company from which it received dividends. Required: (show your calculations) 1. Calculate Wollaton's taxable income, income tax liability, and any carryovers (6 marks) generated. 2. Briefly discuss the disadvantages of 5 corporation. $2,650,000 1,450,000 76,500 80,000 9,700 650,000 150,000 80,000 45,000 (2 marks)

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First To calculate the amount of UAE corporate tax payable based on taxable income of AED 12 million we need to know the corporate tax rate in the UAE As of my knowledge cutoff in September 2021 the s... View the full answer