Entries by Hannah Wangui

Grand Corporation reported pretax book income of $635,000

December 21, 2020 in /by

Grand Corporation reported pretax book income of $635,000. Tax depreciation exceeded book depreciation by $610,000. In addition, the company received $215,000 of tax-exempt municipal bond interest. The company’s prior-year tax return showed taxable income of $139,000. Compute the company’s current income tax expense or benefit. (Leave no cell blank – Be sure to enter “0” wherever […]

 

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Saginaw Inc. completed its first year of operations with a pretax loss of $515,000.

December 17, 2020 in /by

Saginaw Inc. completed its first year of operations with a pretax loss of $515,000. The tax return showed a net operating loss of $641,000, which the company will carry forward. The $126,000 book-tax difference results from excess tax depreciation over book depreciation. Management has determined that it should record a valuation allowance equal to the […]

 

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Paladin Inc. reported a taxable income of $1,000,000 this year and paid federal income taxes of $210,000.

December 17, 2020 in /by

Paladin Inc. reported a taxable income of $1,000,000 this year and paid federal income taxes of $210,000. The company reported a capital gain from sale of investments of $150,000, which was partially offset by a $100,000 net capital loss carryover from last year, resulting in a net capital gain of $50,000 included in taxable income. […]

 

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Beaver Corporation reported taxable income of $500,000 from operations this year.

December 17, 2020 in /by

<br/><br/>Beaver Corporation reported taxable income of $500,000 from operations this year. During the year, the company made a distribution of land to its sole shareholder, Eugenia VanDam. The land’s fair market value was $20,000 and its tax and E&amp;P basis to Beaver was $50,000. Eugenia assumed a mortgage on the land of $25,000. Beaver Corporation […]

 

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