For many years preceding 2018, Minimis Corporation, a calendar year corporation, had incurred the alternative minimum tax (AMT) and as a result had a $2 million minimum tax carryover into 2018.  However, the Tax Cuts and Jobs Act of 2017 repealed the corporate AMT for tax years beginning after 2017.  Minimis expects its regular tax liability to be $100,000 per year for 2018, 2019, 2020, and 2021.  Your supervisor has asked you to determine how Minimis treats the minimum tax credit carryover in these four years now that the corporate AMT has been repealed.  Your supervisor has suggested that you start by looking at IRC Sec. 53.

At December 31, 2020 Sunland Corporation reported a deferred tax liability of $210000 which was attributable to a taxable temporary difference of $740000. The temporary difference is scheduled to reverse in 2024. During 2021, a new tax law increased the corporate tax rate from 20% to 30%. Sunland should record this change by debiting

B Co. reported a deferred tax liability of $26.0 million for the year ended December 31, 2017, related to a temporary difference of $65 million. The tax rate was 40%. The temporary difference is expected to reverse in 2019 at which time the deferred tax liability will become payable. There are no other temporary differences in 2017–2019. Assume a new tax law is enacted in 2018 that causes the tax rate to change from 40% to 30% beginning in 2019. (The rate remains 40% for 2018 taxes.) Taxable income in 2018 is $95 million. Required:Determine the effect of the change and prepare the appropriate journal entry to record B’s income tax expense in 2018.

At December 31, 2020, Sheridan Corporation has a deferred tax asset of $180,000. After a careful review of all available evidence, it is determined that it is more likely than not that $54,000 of this deferred tax asset will not be realized.Prepare the necessary journal entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit

In 2020, Mays Industries taxable income was -$77,000. In 2021, its taxable income was $160,000. Its corporate tax rate is 25%. Assume that the company takes full advantage of the Tax Code's carry-forward provision. What is the company's tax liability for 2021?

In 2021, Ryan Management collected rent revenue for 2022 tenant occupancy. For financial reporting, the rent is recorded as deferred revenue and then recognized as revenue in the period tenants occupy rental property. For tax reporting, the rent is taxed when collected in 2021. The deferred portion of the rent collected in 2021 was $194.0 million. No temporary differences existed at the beginning of the year, and the tax rate is 25%. Suppose the deferred portion of the rent collected was $76 million at the end of 2022. Taxable income is $760 million. Prepare the appropriate journal entry to record income taxes in 2022. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).)

Blossom Corporation reported the following results for its first three years of operation: 2020 income (before income taxes)   $280000   2021 loss (before income taxes)   (2500000 ) 2022 income (before income taxes)   2800000   There were no permanent or temporary differences during these three years. Assume a corporate tax rate of 20% for 2020 and 2021, and 30% for 2022.Assuming that Blossom elects to use the carryback provision, what income (loss) is reported in 2021? (Assume that any deferred tax asset recognized is more likely than not to be realized.)

Green Corporation is required to change its method of accounting for federal income tax purposes. The change will require an adjustment to income to be made over three tax periods. Joe, the sole shareholder of Green, wants to better understand the implications of this adjustment for E&P purposes, because he anticipates a distribution from Green in the current year. Explain to Joe the impact of the adjustment on E&P.

Please help.Thank you

Under the new Tax Cut and Jobs Act of 2017 rules for the computation of taxable income did not change. However, computation of tax liability changed and reflects a new 21% Federal flat tax rate for corporations. Bear Corp. has $55,000 of taxable income from its operations, $30,000 of interest income from corporate debt securities, $25,000 in income from tax-exempt municipal debt securities, and $20,000 of dividend income from common stock it holds in other corporations (such dividends are not excludable). Given the new 21% Federal flat tax rate for corporations, what is Bear Corp's tax liability? (Answer in Dollars, cents are not necessary and omit the dollar sign, $.)