SS Corporation is an S Corporation. SS has always been an S corporation and has no C Corporation E & P. SS Corporation’s financial records for 2015 show the following: Gross receipts from sales $670,000 Cost of goods sold (460,000) Operating expenses (96,800) Interest on State of Tennessee Bond 2,000 Business meals and entertainment (6,240) Section 1231 loss on sale of equipment (13,500) Charitable contribution (1,500) Distribution (legal dividend) to shareholders (10,000) SS Corporation has a $140,000 balance in its accumulated adjustment account (AAA) on January 1, 2015. Mr. S owns 10 percent of the stock of SS Corporation. During the year he received a $1,000 dividend from the corporation. Required: A. Compute SS Corporation’s book (financial accounting) income. Book Income   Gross Receipts from Sales $ 670,000.00 Interest from state bonds $ 2,000.00 Cost of Goods Sold $ (460,000.00) Operating Expenses $ (96,800.00) Business Meals & Entertainment $ (6,240.00) Section 1231 Loss $ (13,500.00) Charitable Contributions $ (1,500.00) Book Income $ 93,960.00

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[The following information applies to the questions displayed below.] Renee operates a proprietorship selling collectibles over the Web. This year, Renee's business reported revenue of $95.5 million and deducted $88.6 million in expenses and loss carryovers. Her business deductions included cost of goods sold of $48.5 million, sales commissions paid of $16.9 million, $10.5 million of interest paid on a mortgage, $10.7 million of depreciation, and $2 million deduction for a net operating loss carryover. Required: b-1. What is the maximum amount of business interest expense that Renee can deduct this year? b-2. How is the disallowed interest expense (if any) treated? Interest disallowed would be: Complete this question by entering your answers in the tabs below. Required B1 Required B2 What is the maximum amount of business interest expense that Renee can deduct this year? Note: Do not round intermediate calculations. Enter your answer in millions of dollars rounded to 2 decimal places.…

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Lewes Company appropriately uses the installment sales method for tax purposes and the accrual method for revenue recognition for accounting purposes. Pertinent data at December 31, 2016, the close of the first year of operations, are as follows:   Revenue Recognized Revenue Recognized Customer for Accounting Purposes for Tax Purposes Lowe's Builders $200,000 $100,000 Top Down Plumbing 500,000 350,000 Glass Plus Windows 600,000 350,000 Lewes's tax rate is 30%. What amount should be included in the deferred tax account at December 31, 2016 for these installment sales?

ABC Co. is a retail outlet. Recently ABC Co. sold its shares in Public Corp. for $10,000. The shares originally cost ABC Co. $7,000. For tax purposes, this is an example of a. capital income b. business income c. other income d. property income

A domestic enterprise in 2009 taxable income of $10 million, it has branches in A and B.The taxable income of the branch of State A is $7 million, of which the income from production and operation is $6 million (tax rate is 40%) and the income from interest is $1 million (tax rate is 20%).The taxable income of the branch of State B is $3 million, of which the income from production and operation is $2 million (tax rate is 20%) and the income from interest is $1 million (tax rate is 11%).B country in 2008 there are 20,000 dollars of overseas income tax payable without deduction. Requirements: calculate the enterprise income tax payable by the enterprise in 2009 (summarize domestic and foreign income).

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2. Sage Corporation has pretax financial income (or loss) from 2015 through 2021 as follows.     Income (Loss)   Tax Rate 2015   $52,800     25 % 2016   (77,000 )   20 % 2017   99,000     20 % 2018   33,000     20 % 2019   115,500     20 % 2020   (66,000 )   25 % 2021   142,000     25 % Pretax financial income (loss) and taxable income (loss) were the same for all years since Sage has been in business. In recording the benefits of a loss carryforward, assume that it is more likely than not that the related benefits will be realized. (a)     What entries for income taxes should be recorded for 2016? (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                   Save for Later     Attempts: 0 of 1 used Submit…

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