what is the possible tax implication?
Q: What is capital gain taxation?
A: Introduction:- Capital gain tax charged on Profits from the sale of an investment.
Q: Demonstrate how to account for uncertainty in income tax decisions
A: A tax benefit associated with an uncertain tax position may be reflected in the financial statements…
Q: How is the theory and the basis for taxation is different?
A: Tax: Tax refers to a compulsory payment or a contribution to the state revenue, levied by the…
Q: The additional tax on top of the standard tax?
A: Tax is a compulsory financial charge levied by government for finding the source of public…
Q: Define tax effect theory
A: Tax effect theory explains the impact of taxes on revenue or expense of a company. This theory is…
Q: What is intraperiod tax allocation?
A:
Q: What are some of the effects of the crypto-related activities on an individual's tax payable?
A: Answer:- Cryptocurrency meaning:- A cryptocurrency is a kind of digital or virtual currency that is…
Q: What types of income should not be classified as such on a tax return? Why shouldn't they be…
A: Answer Nontaxable income won’t be taxed, whether or not you enter it on your tax return. nontaxable…
Q: Which of the following is the most likely item to result in a deferred tax asset?
A: Unearned revenue is the most likely item to result in a deferred tax asset. Unearned revenue means…
Q: What effect does intraperiod tax allocation have onreported net income?
A:
Q: What is corporate income tax and value added tax and its use?
A: Both corporate income tax and value added tax are taxes that have to be paid to the government. The…
Q: What is the logic behind allowing tax loss carrybacks/carryforwards?
A: Logic behind allowing tax loss carrybacks and carryforwards: A tax loss carryback permits a company…
Q: produ
A: The term "tax incidence" (or "tax incidence") refers to how a tax burden is distributed across…
Q: What is the net tax consequences of these dispositions?
A: The disposition of the assets means sales, exchange, or donation of the assets. The disposition of…
Q: Which of the following is a local tax? *
A: Option a is wrong because value added tax is an indirect tax imposed on the value of goods and…
Q: what is mean by Tax evasion and what reasons the people do this?
A: Tax obligation represents the liability of the taxpayer towards the government for the payment of a…
Q: What is the appropriate level of taxation?
A: Market efficiency and inefficiency depends on various factors like consumer demand, supply, rate of…
Q: Tax as a source is classified as?
A: Solution Concept Tax is the major source of revenue oto the government of any nation There can…
Q: What is the difference between tax avoidance and tax evasion?
A: The answer for the theory question on the difference between tax avoidance and tax evasion is…
Q: How is tax accounting different from financial accounting?
A: Accounting: It can be defined as the process of summarizing and recording the company’s financial…
Q: Based on the range of possible SUTA tax rates and thresholds, which of the following circumstances…
A: The State Unemployment Tax Act (SUTA) tax:- It is a type of payroll tax that all employers must pay…
Q: What is Income tax receivables?
A: Other receivables: Other receivables are the receivables other than the accounts receivable, and the…
Q: What is the value for IHT and capital gain tax (CGT) purposes?
A: What is Inheritance Tax?Inheritance Tax (IHT) is a tax on the estate of someone who has died,…
Q: what is Tax Avoidance and Tax Evasion?
A: Tax avoidance refers to the use of legal means to avoid paying tax. Individual taxpayers and…
Q: Describe the Replacement Analysis with Tax Considerations?
A: Introduction: Capital budgeting is one of the important techniques used to determine the value that…
Q: What is the total tax due?
A: The tax due can be defined as the percentage amount computed over the incomes earned during the…
Q: How can we use Replacement Analysis with Tax Considerations?
A: Using of replacement analysis with tax consideration help the investor in order to select the best…
Q: What is a tax return? brief explain
A: Tax return in a form designed by designated tax authorities which helps taxpayers to disclose their…
Q: What is a deferred tax asset?
A: Deferred tax asset: When the Income Tax Expense account is more than the Income Tax Payable account,…
Q: What is the Net Income After Tax?
A:
Q: Is fringe tax considered a penalty tax?
A: A fringe benefit is a final tax on an employee's salary that the company is required to withhold.…
Q: Discuss the differences of tax planning and tax management.
A: Tax planning is the process or technique which is used in reduction of tax liability of the business…
Q: What is Tax Depreciation?
A: Depreciation: Depreciation is a method of reducing the capitalized cost of long-lived operating…
Q: What is the meaning of “person” when the term is used in the Income Tax Act? _________, __________…
A: Person includes : an Individual; a Hindu Undivided Family (HUF) ; a Company; a Firm an association…
Q: What is personal income tax and it's use?
A: Income tax is a type of tax that governments impose on income generated by businesses and…
Q: Why are tax havens controversial?
A: Tax haven are part of a country where foreign investors have to pay a very low tax rate for certain…
Q: What are capital gains and losses, and how are they taxed?
A: A capital gain is the amount of profit you receive when you sell a capital asset or is realized when…
Q: Define intraperiod tax allocation. Why is the process necessary?
A: Intra-period tax allocation: It is the allocation of an organization’s total income tax expense…
Q: What is an excise tax and its examples?
A: The company's aim will be to increase the profitability of the company. The profits can be arrived…
Q: Under what conditions can deferred tax assets be offset against deferred tax liabilities?
A: Deferred tax assets (DTA) is stated under the head of non- current assets whereas deferred tax…
Q: Explain the concept of situs of taxation? Give examples
A: Governments in practically every country throughout the world levy forced charges on persons or…
Q: What is an assessment under the income tax assessment legislation? and why are assessments importa
A: Solution Return under income tax Every person whose income is taxable as per the…
Q: What is the burden of the tax? Explain the key factors that determine the incidence of the tax.
A:
Q: What are direct taxes?
A: The financial position of the company can be arrived from the income statement prepared by the…
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- A company has wants to earn an income of $60,000 after-taxes. If the tax rate is 32%, what must be the companys pre-tax income in order to have $60,000 after-taxes? A. $88,235 B. $19,200 C. $79,200 D. $143,000A retailer has a gross sale of P1,400,000 with cost of sales of P560,000 and allowable deductions of P150,000 November 2021. Its total assets of P180,000 as of November 30, 2021. Corporate Tax Rate is 25%. If the company can realize 25% increase in its gross sales for December 2021, what is the possible tax implications?Assume that the Kelso Company operates in an industry for which NOL carryback is allowed. The Kelso Company had the following operating results: O $22,800. Year 2019 2020 2021 25% What is the income tax refund receivable? O $24,300 O $28,800. Income (loss) 54,000 57,000 (72,000) O 23,550. Tax rate 35% 30% Income tax 18,900first year of operations 17,100 0
- 1.Assuming EMERALD Corporation is engaged in exporting goods, as well as local selling of goods.EMERALD had the following data for 2021:Export Sales, net of VAT 2,000,000Local Sales, gross of VAT 1,120,000Input tax directly allocable to export sales 100,000Input tax directly allocable to local sales 40,000Input tax not allocable to any sales 30,000 Required: Determine the VAT payable, assuming input tax on zero rated sales are claim for taxrefund. 2.EMERALD Corporation has the following sales during the month:Sale to private entities subject to 12% - 100,000Sale to private entities subject to 0% - 100,000Sale of exempt goods - 100,000Sale to gov’t. subjected to 5% final VAT Withholding - 100,000Total sales for the month - 400,000The following input taxes were passed on by its VAT suppliers:Input tax on taxable goods (12%) - 5,000Input tax on zero-rated sales - 3,000Input tax on sale of exempt goods - 2,000Input tax on sale to government - 4,000Input tax on depreciable capital goodnot…1. How many units of Product Very Good would have to be sold in October 2021 in order to generate an net income after tax of P22,500?Using the Corporated Federal Income Tax Rate (2006), calculate the federal income tax that should be paid by a company that has a gross income of $250,000, expenses of $70,000, and depreciation of $20,000 O a. $22,250 O b. $160,000 Oc $45,650 O d. $62,400
- Based on the following amounts, how much is the income tax due based on the 25% regular corporate income tax rate? Gross sales 4,000,000.00 Sales discounts, returns and allowances 100,000.00 Cost of sales 1,500,000.00 Itemized deductions 800,000.00 Group of answer choices P975,000.00 P400,000.00 P600,000.00 P425,000.00In 2020, Appalachian Airlines had taxable income of -$3,000,000. In 2021, the company has taxable income of $5,000,000 and its corporate tax rate is 25%. Assume that the company takes full advantage of the Tax Code's carry-forward provision. How much will the company pay in taxes in 2021? a. $1,500,000 b. $0 c. $1,250,000 d. $750,000 e. $500,000For income tax purposes, what is the amount of gross income given the following amounts? Gross sales 4,000,000.00 Sales discounts, returns and allowances 100,000.00 Cost of sales 1,500,000.00 Itemized deductions 800,000.00 Given the amount, how much is the minimum corporate income tax? Group of answer choices P78,000.00 P34,000.00 P32,000.00 P48,000.00
- Assume that The Bell Company operates in an industry for which NOL carryback is allowed. The Bell Company had the following operating results: Year Income (loss) Tax rate Income tax 2018 40,000 25 % 10,000 2019 40,000 25 % 10,000 2020 50,000 30 % 15,000 2021 (130,000 ) 30 % 0 What is the income tax refund receivable? A) $27,000. B) $24,000. C) $25,000 D) $21,000.LENI Lugawan Corp has the following data for the year ended December 31, 2021: PH USA Gross Income: P6,000,000.00 $50,000.00 Deductions: P4,000,000.00 $20,000.00 Dollar Rate P45:$1 Determine income tax due assuming the company is a resident corporation. Group of answer choices P600,000.00 P1,500,000.00 P500,000.00In 2020, Appalachian Airlines had taxable income of -$3,000,000. In 2021, the company has taxable income of $5,000,000 and its corporate tax rate is 25%. Assume that the company takes full advantage of the Tax Code's carry-forward provision. How much will the company pay in taxes in 2021? O a. $1,500,000 O b. $750,000 O c. $0 O d. $1,250,000 Oe. $500,000