* Interest on bank deposits, P4,500; * Capital gain on sale of land, P138,000; * Fines and penalties for violation of law, P90,000; • Premiums on life insurance for officers and employees (the company is the beneficiary), P50,000; • Impairment on Goodwill, P45,000; and * Actual charitable contributions, P160,000. How much is Nagpapanggap's financial income subject to tax during the year? A. P2,314,500 B. P2,346,500 C. P2,418,500 D. P2,474,500
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- 1. for 2021, Forrway corporation, an accrual basis calendar year corporation, had net income per books of $ 111,550 and the following transactions: premiums on life insurance policy on its key employees-$6000 excess capital losses $2000 excess tax depreciation $9000 life insurance proceeds on life of its key employees $55000 rent income received in 2021 $40000 ( $30000 is prepaid and related to 2021) tax exempt interest income $8000 federal income tax liability for 2021 $15450 prepaid rent received and properly taxed in 2020 ( but not earned for financial accounting purpose until 2021) $15000 interest expense on tax exempt interest income item $2000 The taxable income for Forrway corporation for the tax year of 2021 is ( as computed in its schedule M-1 reconciliation) $90000 $100000 $80000 $70000 23. for 2021, Forrway corporation, an accrual basis calendar year corporation, had net income per books of $ 111,550 and the following transactions: premiums on life insurance policy on its…8. During the current year, Kingbird Corporation (a calendar year C corporation) had the following income and expenses: Income from operations Expenses from operations Dividends received (15% ownership) $200,000 140,000 20,000 On October 1, Kingbird Corporation made a contribution to a qualified charitable organization of $25,000 in cash (not included in any of the above items). Determine Kingbird's charitable contribution deduction for the current year. a. $9,000 b. $7,500 c. $20,600 d. $6,525 e. None of the aboveIn the current year, Vorschusse Corporation (a calendar year C corporation) had operating income of $82,000 and operating expenses of $66,000. In addition, Vorschusse had a long-term capital gain of $5,000 and a short-term capital loss of $6,000. a. Compute Vorschusse's taxable income and tax for the year. Taxable income: $__________Income tax: $_______________ b. Assume the same facts except that Vorschusse's long-term capital gain was $8,000. Compute Vorschusse's taxable income and tax for the year. Taxable income: $____________Income tax: $________________
- The profit and loss statement of Treadwell Ltd., an S corporation, shows $265,000 book income. Treadwell is owned equally by four shareholders. From supplemental data, you obtain the following information about items that are included in book income. (attached image) a. Compute Treadwell's nonseparately stated income or loss for the tax year. b. What would be the share of this year's nonseparately stated income or loss items for Leo Lion, one of the Treadwell shareholders? c. What is Leo Lion's share of tax-exempt interest income, if any?Zeta Corporation reports taxable income of $500,000 on its tax return. Given the following information from the corporation's records, determine Zeta's net income per its financial accounting records. Deduction for federal income taxes per books $140,000 Depreciation claimed on the tax return 135,000 Depreciation reported on the financial accounting books 75,000 Life insurance premiums paid on the policy to insure a corporate officer 30,000A domestic corporation, in its third year of operations, had: Gross Income P2,100,000 Expenses and Losses 800,000 Compute for the income tax if: Choosing the Itemized Deductions Using Optional Standard Deduction
- 1). A corporation has income of $80,000 from operations, a $12,000 short-term capital gain, and a $16,000 long-term capital loss. What is the corporation’s taxable income for the year?B Inc. has net income of $60,000 for the current year, including dividends received from taxable Canadian corporations of $5,000 and taxable capital gains of $7,000. B Inc. donated $48,000 to a registered charity during the year. B Inc. has net capital losses of $10,000 incurred last year. What is B Inc.'s minimum taxable income for the current year?Heron Corporation is a personal service corporation. It had $230,000 of net active income, $40,000 of portfolio income, and a $250,000 passive loss during the year. How much is Heron’s taxable income for the year? a. $20,000. b. $40,000 c. $270,000 d. $520,000
- Kingbird Corporation (a calendar year C corporation) reports the following income and expenses in the current year: Income from operations $200,000 Expenses from operations 140,000 Dividends received (15% ownership) 15,000 On October 1, Kingbird Corporation made a contribution to a qualified charitable organization of $9,000 in cash (not included in any of the above items). Determine Kingbird's charitable contribution deduction for the year. a.$6,525 b.$6,750 c.$7,500 d.$9,00022. for 2021, Forway corporation, an accrual basis calendar year corporation, had net income per books of $ 111,550 and the following transactions: premiums on life insurance policy on its key employees- $6000 excess capital losses $2000 excess tax depreciation $9000 life insurance proceeds on life of its key employees $55000 rent income received in 2021 $40000 ( $30000 is prepaid and related to 2021) tax exempt interest income $8000 federal income tax liability for 2021 $15450 prepaid rent received and properly taxed in 2020 ( but not earned for financial accounting purpose until 2021) $15000 interest expense on tax exempt interest income item $2000 The taxable income for Forrway corporation for the tax year of 2021 is ( as computed in its schedule M-1 reconciliation) $90000 $100000 $80000 $70000 23. for 2021, Forway corporation, an accrual basis calendar year corporation, had net income per books of $ 111,550 and the following transactions: premiums on life insurance policy on its…You are provided with the following amounts for Susan Kim for the current year: • Net employment income (ITA 5 to 8) = $35,000 • Interest income (ITA 12) = $5,700 • Taxable amount of dividends (ITA 12) = $2,620 Taxable capital gains (ITA 38 to 55) = $2,500 • Alowabie capital losses (ITA 38 to 55) = $3,500 • Interest expense (bank loan for investment purposes) = $2,500 • Investment counsel fees = $900 • RRSP deduction (allowed pursuant to ITA 60) = $9,500 Based on the above, the "net property income" reported by Susan Kim pursuant to ITA 3(a) for the current year is: Choose the correct answer. A. $7,320 B. $8,320 C. $33,460 D. $4,920