Determine the deductible charitable contribution in each of the following instances. Required: a. Charitable contribution of $2,700 and taxable income before charitable contribution of $44,000. b. Charitable contribution of $5,400 and taxable income before charitable contribution of $44,000. c. Charitable contribution of $3,175 and taxable income before charitable contribution of $44,000. Taxable income includes a net operating loss carryforward of $3,750. d. Charitable contribution of $3,175 and taxable income before charitable contribution of $35,900. Taxable income includes a capital loss carryback of $3,750. Amount a. Deductible charitable contributions b. Deductible charitable contributions c. Deductible charitable contributions d. Deductible charitable contributions

Determine the deductible charitable contribution in each of the following instances. Required: a. Charitable contribution of $2,700 and taxable income before charitable contribution of $44,000. b. Charitable contribution of $5,400 and taxable income before charitable contribution of $44,000. c. Charitable contribution of $3,175 and taxable income before charitable contribution of $44,000. Taxable income includes a net operating loss carryforward of $3,750. d. Charitable contribution of $3,175 and taxable income before charitable contribution of $35,900. Taxable income includes a capital loss carryback of $3,750. Amount a. Deductible charitable contributions b. Deductible charitable contributions c. Deductible charitable contributions d. Deductible charitable contributions

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Required information Skip to question [The following information applies to the questions displayed below.] BCS Corporation is a calendar-year, accrual-method taxpayer. BCS was formed and started its business activities on January 1 of this year. It reported the following information for the year. Indicate BCS's deductible amount for this year in each of the following alternative scenarios. (Leave no answers blank. Enter zero if applicable.) b. BCS accrued an expense of $50,000 for amounts it anticipated it would be required to pay under the workers' compensation act. During the year, BCS actually paid $10,000 for workers' compensation–related liabilities.
In 2021, OCC Corporation made a charitable donation of $400,000 to the American Red Cross. For the year, OCC reported taxable income of $1,500,000 before deducting any charitable contributions, before deducting its $20,000 dividends-received deduction, and before deducting its $40,000 NOL carryover from last year. Assume the donation is a qualified contribution. a. What amount of the $400,000 donation is OCC allowed to deduct for tax purposes in 2021, what is the carryover to 2022, and when does the carryover expire?
In 2024, LAA Incorporated made a charitable donation of $116,000 to the Trevor Project (a qualifying charity). For the year, LAA reported taxable income of $566,000, which included a $116,000 charitable contribution deduction (before limitation) and a $51,600 dividends-received deduction, and a $14,400 net operating loss carryover from 2023. What is LAA Incorporated's charitable contribution deduction for 2024?
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2. ABC Hospital, a private non-profit hospital, has gross receipts ofP19,000,000,00 with a cost of P6,000,000,00 and allowable deductions ofP3,250,000.00 from related activities, while for its unrelated activities, it incurredP5,000,000.00 and P2,000,000.00 as cost of sales and allowable deductions,respectively, with a gross receipts of P18,000,000,00, for Calendar Year 2021.Tax due is:
Decide whether a person should itemize his deductions or take the standard deduction Deductible Expenditures 8800 home mortage interest 2700 contributions to charity 630 for state income Standard deduction is 11400
How much is the special itemized deductions from gross income? a. Zero b. 80,000 c. 100,000 d. 180,000
PT. A in the year 2020 reported an accounting profit before tax of IDR 800.000.000.000. The following information is related to the year 2020: The entity donated IDR 40.000.000.000 to the surrounding community PT A has interest income of IDR 100.000.000.000 which is subject to final tax of 20%. PT A purchased a fixed asset of IDR 200.000.0000, which is depreciated for 4 year for book purposes while for tax purposes is depreciated in 8 years (straight line with no residual value). PT A made a provision for uncollectible account receivable of IDR 10.000.000.000 which is not deductible for tax purposes Required: Prepare a schedule of the deferred tax (asset) and liability. assume there is no beginning deferred tax asset or liability. Compute the net deferred tax expense (benefit). Prepare the journal entry to record income tax expense, deferred taxes, and the income taxes payable for 2020
Eight independent situations are described below. Each involves future deductible amounts and/or future taxable amounts: 1. 2. 3. 4. 5. 6. 7. 8. ($ in millions) Temporary Differences Reported First on: The Income Statement The Tax Return Revenue $22 7 8 17 17 17 Expense $ 22 2222 Situations Taxable Income 1 $ 122 2 3 4 5 6 Revenue $22 17 7 Expense $22 Required: For each situation, determine taxable income, assuming pretax accounting income is $120 million. Note: Enter your answers in millions (i.e., 10,000,000 should be entered as 10). 12 12
Assuming Carding uses OSD, how much is the net taxable income from profession? a. 460,000 b. 540,000 c. 600,000 d. 610,000
Ellie Inc., a calendar year C corporation, wants to make a gift to a charity that is deductible on its year 1 Form 1120. The gift must be made by Ellie: Oa. During year 1. Ob. On or before September 30, year 2 Oc, On or before April 15, year 2. Od. During year 1 or 2.