EB Corporation, a C corporation, has a net short-term capital gain Of $ 65k and a net long-term capital loss of $250k during 2023. EB Corporation had taxable income from other sources of $720k Prior years' transactions included the following: 2019 2020 2021 2022 NET LTCG: $150K NET STCG: 560K NET STCG: $45K NET LTCG: $35K Compute the treatment of EB's capital gain or loss if any

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

Dhapa

During 2021, Raines Umbrella Corporation had sales of $760,000. Cost of goods sold, administrative and selling expenses, and depreciation expenses were $550,000, $90,000, and $95,000, respectively. In addition, the company had an interest expense of $94,000 and a tax rate of 21 percent. (Ignore any tax loss carryforward provisions and assume that interest is fully deductible.) a. What is the company's net income for 2021? (A negative answer should be indicated by a minus sign. Do not round intermediate calculations.) b. What is its operating cash flow? (Do not round intermediate calculations.)

Luck Corporation , which was formed January 1, 2015,  has a net short-term capital gain of $60,000 and a net long-term capital loss of $100,000 during 2020. Luck Corporation had taxable income from other sources of $200,000. Prior years' transactions included the following (note 2019 had no capital gains or losses):2015- net long term capital gain of 150k 2016- net short term capital gain of 24k 2017- net short term capital gain of 12k 2018- net long term capital gain of 8kLuck's carryover to 2021 is: Select one: a. $0 b. $40,000 long-term capital loss c. $20,000 long-term capital loss d. $20,000 short-term capital loss e. None of the above

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.

Sagar

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

Required information [The following information applies to the questions displayed below.] Arndt, Incorporated reported the following for 2024 and 2025 ($ in millions): Revenues Expenses Pretax accounting income (income statement) Taxable income (tax return) Tax rate: 25% 2024 $918 774 $144 $126 2025 $ 1,010 830 $ 180 $ 214 a. Expenses each year include $36 million from a two-year casualty insurance policy purchased in 2024 for $72 million. The cost is tax deductible in 2024. b. Expenses include $2 million insurance premiums each year for life insurance on key executives. c. Arndt sells one-year subscriptions to a weekly journal. Subscription sales collected and taxable in 2024 and 2025 were $37 million and $53 million, respectively. Subscriptions included in 2024 and 2025 financial reporting revenues were $31 million ($14 million collected in 2023 but not recognized as revenue until 2024) and $37 million, respectively. Hint. View this as two temporary differences-one reversing in…

If the beginning balance in Swan, Inc.’s OAA is $6,700 and the following transactions occur, what is Swan’s ending OAA balance? Depreciation recapture income                                                 $ 21,600Payroll tax penalty                                                                        (4,200) Tax-exempt interest income                                                      4,012Nontaxable life insurance proceeds                                         100,000 Life insurance premiums paid (nondeductible)                   (3,007)