30, Reyes Corporation discontinued its operations in Mexico. On September 1, Reyes disposed of the Mexico facility at a pretax loss of $640,000. The applicable tax rate is 25%. Show the discontinued operations section of Reyes

ces Petrilli Ltd. had a taxable loss of $4,500,000 in 20X8 and a further loss of $230,000 in 20X9. The tax rate in 20X8 was 32% and in 20X9, 33%. All rates are enacted in the year to which they pertain. In the three years before the losses, the company had the following taxable income and tax rates: Taxable income Tax rate 20X5 20X6 $1,584,000 $1,710,000 Refund amount $ 36% There are no temporary differences other than those created by income tax losses. The company was struggling due to a competitor entering the market. Required: 1. What is the amount of refund that will be claimed in 20X8? 0 38% 20X7 $689,600 40% The amount of the tax loss carryforward 2. What is the amount of the loss carryforward in 20X8? $4,500,000

On January 1, 2018, Ackerman sold equipment to Brannigan (a wholly owned subsidiary) for $150,000 in cash. The equipment had originally cost $135,000 but had a book value of only $82,500 when transferred. On that date, the equipment had a five-year remaining life. Depreciation expense is computed using the straight-line method. Ackerman reported $510,000 in net income in 2018 (not including any investment income) while Brannigan reported $167,300. Ackerman attributed any excess acquisition-date fair value to Brannigan's unpatented technology, which was amortized at a rate of $6,100 per year. a. What is consolidated net income for 2018? b. What is the parent's share of consolidated net income for 2018 if Ackerman owns only 90 percent of Brannigan? c. What is the parent's share of consolidated net income for 2018 if Ackerman owns only 90 percent of Brannigan and the equipment transfer was upstream? d. What is the consolidated net income for 2019 if Ackerman reports $530,000 (does not…

During the current year, Hill Corporation sold equipment for $600,000 (adjusted basis of $360,000). The equipment was purchased a few years ago fo $760,000 and $400,000in MACRS deductions have been claimed. ADS depreciation would have been $300,000. As a result of the sale, the adjustment to taxable income needed to determine current E & P is A) No agjustment is required B) Subtract $100,000 C) Add $100,000 D) Add $80,000 E) None of the above

At the beginning of 20x5, Rundle Ltd. reported a deferred tax liabilty of $300,000. The net book value of the capital assets was $2,600,000, while UCC was $1,600,000. In 20x5, depreciation was $400,000, while CCA was $625,000. The tax rate changed in 20x5 to be 35 %. What is the adjustment required to the deferred taxes?