Question: Need help completing this please. Requirements a. and b. What is Haffner's accumulated taxable income and accumulated earnings tax liability? Begin by identifying and entering
Need help completing this please.


Requirements a. and b. What is Haffner's accumulated taxable income and accumulated earnings tax liability? Begin by identifying and entering the positive adjustments to regular taxable income. In the next step, identify and enter the negative adjustments to taxable income and compute the accumulated taxable income. In the final step, compute the accumulated earnings tax liability. (Enter tax rate in decimal form 0.XX.) Taxable income $ 740,000 Plus: Positive adjustments NOL deduction 60,000 Dividends-received deduction 55,000 Minus: Negative adjustments Accrued U.S. and foreign income taxes (155,400) Net capital gain minus the amount of any associated income taxes (55,300) Minus: Dividends-paid deduction (155,000) Minus: Accumulated earnings credit (34,700) Accumulated taxable income $ 454,600 Times: Tax rate 0.20 90,920 Accumulated earnings tax liabilityHal Corporation conducts a manufacturing business and has a compelling need to ulate earnings. Its January 1, E balance is It reports the Current year E&P before dividend payments is $3 y the retention of ble needs of its following operating results for the current year: business. (Click the icon to view the results.) Read the requirements. X Require Data table Begin by d enter the negative adjustments to taxable income and compute the accumulated taxable income. In the final step, compute the accumulated earnings tax liability. (Enter tax rate in decimal form 0.XX.) Taxable Taxable income $ 650,000 Plus Federal income taxes 136,500 Dividends paid: July 15 of the current year 40,000 February 10 of the following year 120,000 Other information relating to Hal's current year operations is as follows: NOL carryover from last year deducted in the current year $ 140,000 Net capital gain 110,000 Dividends received from 10%-owned domestic corporation 130,000 (NOL = Net operating loss) Print Done
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