Crockett Corporation, a calendar year C corporation, reports net income of $2,000,000,000 on its 2023 audited financial statements (including financial statement depreciation of $250,000,000). Also, for 2023, Crockett reports taxable income of $900,000,000 (including tax depreciation of $400,000,000). Assume that Crockett 's average annual AFSI for the three-year period ending December 31, 2023, is in excess of $1,000,000,000. Also assume that Crockett has no AMT foreign tax credit for 2023. Compute Crockett's 2023 corporate AMT.

XYW Corp., a Domestic Corporation, registered in 2010 made available the following financial information for taxable year 2021:   Balance Sheet: Asset - Php 500,000 Liability - Php 100,000 Stockholders' Equity - Php 400,000 Income Statement: Gross sales - Php 100,000,000 Cost of sales – Php 60,000,000 Operating Expenses - Php 30,000,000   How much is the excess MCIT which can be carried forward in 2022? Consider CREATE Law   Choices: Php 800,000 Php 2,100,000 Php 400,000 Php 0

In 2020, Livernois Corporation had net income from operations of $100,000. In addition, Livernois recognized a long-term capital gain of $25,000 a short-term capital gain of $5,000 and a short-term capital loss of $45,000. Which of the following statements is correct? Select one: a. Livernios Corporation will have taxable income in 2020 of $100,000 and will have a net capital loss of $15,000 that can be carried back 3 years and forward 5 years. b. Livernois Corporation will have taxable income of $125,000 and will have a net capital loss of $40,000 that can be carried back 3 years and forward 5 years. c. Livernois Corporation may deduct $30,000 of the capital loss from operating income in 2020. d. Livernois Corporation will have taxable income of $85,000 for 2020. e. None of the above.

100 Willobee Co. reported book income of $21,399,000 for 2023. This number included $1,284,000 of income from exempt municipal bonds. For tax purposes, the company reported $4,622,000 less in depreciation than that reported for GAAP purposes. The company also made tax payments of $3,210,000 during the year. If Willobee Co.'s 2023 tax rate was 30%, what will they report as deferred taxes on their 2023 balance sheet? ( 3) $1,386,600 deferred tax liability $1,771,800 deferred tax liability O $1,771,800 deferred tax asset $1,386,600 deferred tax asset

Requir [The following information applies to the questions displayed below.] Virginia Corporation is a calendar-year corporation. At the beginning of 2023, its election to be taxed as an S corporation became effective. Virginia Corporation's balance sheet at the end of 2022 reflected the following assets (it did not have any earnings and profits from its prior years as a C corporation). Asset Cash Accounts receivable Adjusted Basis $ 20,000 40,000 90,000 150,000 FMV $ 20,000 40,000 200,000 175,000 Inventory Land Totals $ 300,000 $ 435,000 In 2023, Virginia Corporation reported business income of $50,000 (this would have been its taxable income if it were still a C corporation). What is Virginia's built-in gains tax in each of the following alternative scenarios? a. During 2023, Virginia Corporation sold inventory it owned at the beginning of the year for $100,000. The basis of the inventory sold was $55,000.

Arriba and its 80 percent-owned subsidiary (Abajo) reported the following figures for the year ending December 31, 2021 (credit balances indicated by parentheses). Abajo paid dividends of $49,000 during this period. Sales Cost of goods sold Operating expenses Dividend income Net income Arriba $(980,000) Abajo $(490,000) 490,000 229,300 284,200 98,000 (39,200) 0 $(245,000) $(162,700) In 2020, Intra-entity gross profits of $49,000 on upstream transfers of $147,000 were deferred into 2021. In 2021 intra-entity gross profits of $64,700 on upstream transfers of $178,400 were deferred into 2022. a. What amounts appear for each line in a consolidated income statement for the year ending December 31, 2021? b. What income tax expense should appear on the consolidated income statement if each company files a separate return? Assume that the tax rate is 21 percent. (For all requirements, Input all amounts as positive values.) Sales Cost of goods sold Operating expenses Dividend income Amount

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For each of the following cases, determine the amount of capital gain or loss to report in each year (after taking into account any applicable carrybacks) and the capital loss carryforward to 2019, if any. Capital gain or loss for year indicated Corporation 2013 2014 2015 2016 2017 2018 4,700 $11,600 $(14,550) $ 7,000 $ 4,950 $(1,450) 3,870 3,010 6,290 11,550 (61,490) 9,350 8,550 4,950 (3,040) 2,970 3,340 15,00е (26,810) (24,600) 8, 200 11,150 2,680 2,250 Assume that 2013 is the first year of operation for each corporation. (Do not leave cells blank, enter "0" if there is no effect.) Carried forward capital losses Reported capital gains Corporation 2013 2014 2015 2016 2017 2018 2019 A B C

Asam lects $220 million in withheld and estimated income tax payments during the 2022 calendar year and an additional $20 million in wted and estimated income tax payments in January 2023 applicable to its 2022 calendar year. The state also expects to receive $6 million payments and refunt claims of 15 million for 2022 income tax returns filed by April 15, 2023. The state considers payments received who aretus led by April 15 to be available and refund claims received by that date are considered liabilities for 2022. Now much revenue should the state report for its year ending December 31, 2022? OLXW silion

The following information was taken from the records of Blue Inc. for the year 2025: Income tax applicable to income from continuing operations $228,140, income tax applicable to loss on discontinued operations $31,110, and unrealized holding gain on available-for- sale debt securities (net of tax) $18,300. Gain on sale of equipment Loss on discontinued operations Administrative expenses Rent revenue Loss on write-down of inventory Revenues Sales Revenue Rent Revenue Shares outstanding during 2025 were 100,000. Total Revenues Expenses Cost of Goods Sold Selling Expenses Administrative Expenses Prepare a single-step income statement (with respect to items in Income from operations). (Round earnings per share to 2 decimal places, e.g. 1.48. Enter other revenue and gains before other expenses and losses) Total Expenses Income from Operations Other Revenues and Gains Gain on Sale of Equipment Other Expenses and Losses Inventory Loss Income before Income Tax Income Tax Income from…