Determine taxable income in each of the following independent cases. In all cases, the company was formed in 2012, was very profitable in all years prior to 2017, and had retained earnings of $1,000,000 at the end of 2017. Required: In 2018, Company A has taxable income of $60,500 prior to consideration of any net operating loss. In 2017, the company incurred a net operating loss of $10,200. It did not elect to waive the carryback period. Determine 2018 taxable income. In 2018, Company B has taxable income of $50,400 prior to consideration of any net operating loss. In 2017, the company incurred a net operating loss of $20,300. It elected to waive the carryback period. Determine 2018 taxable income. In 2021, Company C has taxable income of $35,350 prior to consideration of any net operating loss. In 2020, the company incurred a net operating loss of $30, 320 and elected to forgo the carryback period. Determine 2021 taxable income. In 2021, Company D has taxable income of $35,350 prior to consideration of any net operating loss. In 2017, the company incurred a net operating loss of $5,050. It elected to waive the carryback period. In 2018, the company incurred a net operating loss of $40, 400. In 2019 and 2020, the company had net income of zero. Determine 2021 taxable income. Answer is complete but not entirely correct. Answer is complete but not entirely correct. Amount a. Taxable income $ 60,500 b. Taxable income SA $ 30,100 c. Taxable income d. Taxable income $ $ 7,070 SA 0 ☑

Pares

(Two Differences, One Rate, Beginning Deferred Balance, Compute Pretax Financial Income) Andy McDowell Co. establishes a $100 million liability at the end of 2017 for the estimated site-cleanup costs at two of its manufacturing facilities. All related closing costs will be paid and deducted on the tax return in 2018. Also, at the end of 2017, the company has $50 million of temporary differences due to excess depreciation for tax purposes, $7 million of which will reverse in 2018. The enacted tax rate for all years is 40%, and the company pays taxes of $64 million on $160 million of taxable income in 2017. McDowell expects to have taxable income in 2018.Instructions(a) Determine the deferred taxes to be reported at the end of 2017.(b) Indicate how the deferred taxes computed in (a) are to be reported on the balance sheet.(c) Assuming that the only deferred tax account at the beginning of 2017 was a deferred tax liability of $10,000,000, draft the income tax expense portion of the income…

am.101.