($35,000) $40,000 $85,000
($35,000)$40,000$85,000
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Describe the formula for computing individual taxableincome. Why do you think this formula is so much more complicated than theformula for computing corporate taxable income?
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During the audit of Mr. and Mrs. Greenwood’s income tax return, the revenue agent concluded that the couple had claimed a $26,300 deduction that was not allowed by law.
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1. During the audit of Mr. and Mrs. Greenwood’s income tax return, the revenue agent concluded that the couple had claimed a $26,300 deduction that was not allowed by law. The improper deduction reduced the couple’s tax by $19,205. The Greenwood’s total tax deficiency was $13,890.
a.Compute the penalty that the IRS agent can impose if the agent concludes that the improper deduction was attributable to negligence.
b.Compute the penalty that the IRS agent can impose if the agent concludes that the improper deduction was attributable to fraud
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D Trucking uses the accrual method of accounting. Below is a reconciliation of D Trucking’s allowance for bad debts for the current year.
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1. D Trucking uses the accrual
method of accounting. Below is a reconciliation of D Trucking’s allowance for bad debts for the current year.
Beginning allowance for bad debts
$61,150
Actual write-offs of accounts receivable during the year
(80,000)
Addition to allowance
88,500
Ending allowance for bad debts
$69,650
Considering the difference between the GAAP and the tax rules for accounting for bad debts, calculate D Trucking’s temporary excess of taxable income over book income.
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