MCGRAW-HILL'S TAX.OF INDIV.+BUS.2020
20th Edition
ISBN: 9781259969614
Author: SPILKER
Publisher: MCG
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Chapter 16, Problem 40P
To determine
Determine Corporation M’s 2019 taxable income after the NOL deduction and the book-tax difference associated with NO in 2019.
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Cris Company reported the following results for the year ended December 31, 2020, its first year of operations:· Income (per books before income taxes)- P750,000· Taxable income-P1,200,000The disparity between book income and taxable income is attributable to a temporary difference which will reverse in 2021. What should Cris record as a net deferred tax asset or liability for the year ended December 31, 2020, assuming that the enacted tax rates in effect are 40% in 2020 and 35% in 2021?
IT Company reported the following results for the year ended December 31, 2020, its first year of operations:
Income (per books before income taxes)- P750,000
Taxable income-P1,200,000
The disparity between book income and taxable income is attributable to a temporary difference which will reverse in 2021. What should IT record as a net deferred tax asset or liability for the year ended December 31, 2020, assuming that the enacted tax rates in effect are 40% in 2020 and 35% in 2021?
A.P157,500 deferred tax liabilityB.P157,500 deferred tax assetC.P180,000 deferred tax liabilityD.P180,000 deferred tax asset
Shamrock Inc. (Sham) reported a taxable loss AND an accounting loss of $130,000 in 2022. Sham has
before - tax accounting income for the prior two years as follows: 2021: $80,000 2020: $60,000
Assuming that Sham uses the carryback provisions and that the income tax rate is 25% for all years,
what amount of net loss for accounting purposes will be reported in 2022?
Chapter 16 Solutions
MCGRAW-HILL'S TAX.OF INDIV.+BUS.2020
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