Ottawa Corporation has accounting income for the year ended October 31, 2020 of $76,000. Included in this calculation are the following amounts: Meals and entertainment expenses Amortization and depreciation Landscaping costs Dividend from Canadian subsidiary Charitable donations $38,000 69,000 32,000 52,000 2,500 You have correctly determined CCA to be $61,000. What are the correct amounts for first, Net Income for Tax Purposes, and second, Taxable Income? O A. Net Income for Tax Purposes - $21,500; Taxable Income $19,000 O B. Net Income for Tax Purposes - $103,000; Taxable Income - $51,000. OC. Net Income for Tax Purposes - $105,500; Taxable Income - $51,000. O D. Net Income for Tax Purposes - $73,500, Taxable Income-$19,000

Ottawa Corporation has accounting income for the year ended October 31, 2020 of $76,000. Included in this calculation are the following amounts: Meals and entertainment expenses Amortization and depreciation Landscaping costs Dividend from Canadian subsidiary Charitable donations $38,000 69,000 32,000 52,000 2,500 You have correctly determined CCA to be $61,000. What are the correct amounts for first, Net Income for Tax Purposes, and second, Taxable Income? O A. Net Income for Tax Purposes - $21,500; Taxable Income $19,000 O B. Net Income for Tax Purposes - $103,000; Taxable Income - $51,000. OC. Net Income for Tax Purposes - $105,500; Taxable Income - $51,000. O D. Net Income for Tax Purposes - $73,500, Taxable Income-$19,000

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter24: Multistate Corporate Taxation

Section: Chapter Questions

Problem 26P

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