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.) d. In June of this year, a display of BCS’s product located in its showroom fell and injured a customer. The customer sued BCS for $500,000. The case is scheduled to go to trial next year. BCS was required to pay $500,000 to a court-appointed escrow fund this year. If BCS loses the case next year, the money from the escrow fund will be transferred to the customer suing BCS.

Patriot Corporation reports the following results for the current year: View the current year results. Read the requirements. Requirement a. What are Patriot's taxable income and income tax liability for the current year? Begin by computing Patriot's taxable income. (If an input field is not used in the table, leave the input field empty; do not select a label or enter a zero.) Gross income Minus: Taxable income Requirements a. What are Patriot's taxable income and income tax liability for the current year? b. How would your answers to Part a change if Patriot's short-term capital loss is $12,000 instead of $2,000? Print Done - X Current Year Results Gross profits on sales Long-term capital gain Long-term capital loss Short-term capital gain Short-term capital loss Operating expenses Print $ 159,000 7,000 8,000 9,000 2,000 70,000 Done X

11.A taxpayer is claiming tax preparation expense as a legal and professional fee.  They paid $430 at your office last year.  The forms breakdown by cost is as follows:  Form 1040- $100 Form Sch. C- $125 Form SE- $55 Form 8867- $75 Form 8863- $75  What is the correct amount that can be deducted on their Schedule C for the current year?  Choose one answer.   a. $280     b. $180     c. $355     d. $430

A taxpayer is itemizing their return and they're trying to calculate the deductible amount of state income taxes paid. They have $4,000 from their Form(s) W-2 and they paid an outstanding balance in the current year for the prior year's balance of $2,500. What is the total amount of Line 5 income taxes that they can itemize? (Do not consider SALT limitations for this question) 2500 4000 6500

Please answer the questions fully and leave the correct answer, do not copy the answer from online because those are incorrect!!! please show all the calculations and journal entries in the same format bellow.Thank you   Taxable income and applicable tax rates for C.J. Company’s first four years are shown below. For each year, taxable income and pretax financial income are identical. In the table below, taxable income is before any consideration of NOL carryback and carryforward. The enacted tax rates were known at 1/1/2018.                                                             Taxable               Income         Enacted tax rate 2018       $200                     20% 2019       ($300)                    15% 2020       $340                     25% 2021       $210                     25% 1- Now assume that C.J. opted to carryback its 2019 NOL and carryforward any unused NOL to future years. Complete the table below for 2018 through 2021 to show the amount of income tax payable…

Required information Problem 9-73 (LO 9-4) (Algo) [The following information applies to the questions displayed below) Rebecca is a calendar-year taxpayer who operates a business. She made the following business-related expenditures in December of this year. Indicate the amount of these payments that she may deduct this year under both the cash method of accounting and the accrual method of accounting. Note: Leave no answers blank. Enter zero if applicable. Problem 9-73 Part-c (Algo) c. $3,900 for property taxes payable on her factory. Cash method Accrual method Deductible Amount

For each of the following transactions, indicate wheth-er a special adjustment must be made in computing R Corporation’s current E&P. Answer assuming that E&P has already been adjusted for current taxable income. During the year, the corporation paid estimated Federal income taxes of $25,000 and estimated state income taxes of $10,000. The corporation received $5,000 of interest income from its investment in tax-exempt bonds. The corporation received a $10,000 dividend from General Motors Corporation. The corporation purchased machinery for $9,000 and expensed the entire amount in accordance with Code § 179. The corporation reported a § 1245 gain of $20,000. f. The corporation had a capital loss carryover of $7,000 from the previous year. This year the corporation had capital gains before consideration of the loss of $10,000.