Accounting Requirement #1 and Requirement #2 B12 Corporation is currently in the sixth year of its existence (2022). In 2017-2021, it reported the following income and (losses) (beforenet operating loss carryovers or carrybacks).201720182019202020212022$ (76,000)(33,000)63,000149,000(228,000)306,000Required:a. What is B12's 2022 taxable income after the NOL deduction (assume it does not elect to forgo any carrybacks, if applicable)?b. What is its 2022 book-tax difference associated with its NOL? Is it favorable or unfavorable? Is it permanent or temporary?Complete this question by entering your answers in the tabs below.Required A Required BWhat is B12's 2022 taxable income after the NOL deduction (assume it does not elect to forgo any carrybacks, if applicable)?2022 taxable income after the NOL deductionRequired B > B12 Corporation is currently in the sixth year of its existence (2022). In 2017-2021, it reported the following income and (losses) (beforenet operating loss carryovers or carrybacks).201720182019202020212022$ (76,000)(33,000)63,000149,000(228,000)306,000Required:a. What is B12's 2022 taxable income after the NOL deduction (assume it does not elect to forgo any carrybacks, if applicable)?b. What is its 2022 book-tax difference associated with its NOL? Is it favorable or unfavorable? Is it permanent or temporary?Complete this question by entering your answers in the tabs below..Year2022Required A Required BWhat is its 2022 book-tax difference associated with its NOL? Is it favorable or unfavorable? Is it permanent or temporary?Favorable or Temporary orUnfavorable PermanentBook-taxDifference< Required A

Taxable income refers to the amount on which tax is paid by an individual or corporation to the…

2 Corporation is currently in the sixth year of its existence (2022). In 2017-2021, it reported the following income and losses) (before et operating loss carryovers or carrybacks). 2017 2018 2019 2020 2021 2022 $ (76,000) (33,000) 63,000 149,000 (228,000) 306,000 Required: . What is B12's 2022 taxable income after the NOL deduction (assume it does not elect to forgo any carrybacks, if applicable)? b. What is its 2022 book-tax difference associated with its NOL? Is it favorable or unfavorable? Is it permanent or temporary? Complete this question by entering your answers in the tabs below. Required A Required B What is 812's 2022 taxable income after the NOL deduction (assume it does not elect to forgo any carrybacks, if applicable)? 2022 taxable income after the NOL deduction Required B >

2 Corporation is currently in the sixth year of its existence (2022). In 2017-2021, it reported the following income and losses) (before et operating loss carryovers or carrybacks). 2017 2018 2019 2020 2021 2022 $ (76,000) (33,000) 63,000 149,000 (228,000) 306,000 Required: . What is B12's 2022 taxable income after the NOL deduction (assume it does not elect to forgo any carrybacks, if applicable)? b. What is its 2022 book-tax difference associated with its NOL? Is it favorable or unfavorable? Is it permanent or temporary? Complete this question by entering your answers in the tabs below. Required A Required B What is 812's 2022 taxable income after the NOL deduction (assume it does not elect to forgo any carrybacks, if applicable)? 2022 taxable income after the NOL deduction Required B >

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter6: Deductions And Losses: In General

Section: Chapter Questions

Problem 56P

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Comprehensive Colt Company reports pretax financial income of 143,000 in 2019. In addition to pretax income from continuing operations (of which revenues are 295,000), the following items are included in this pretax income: Colts taxable income totals 93,000 in 2019. The difference between the pretax financial income and the taxable income is due to the excess of tax depreciation over financial depreciation on assets used in continuing operations. At the beginning of 2019, Colt had a retained earnings balance of 310.000 and a deferred tax liability of 8,100. During 2019, Colt declared and paid dividends of 48,000. It is subject to tax rates of 15% on the first 50,000 of income and 30% on income in excess of 50,000. Based on proper interperiod tax allocation procedures, Colt has determined that its 2019 ending deferred tax liability is 14,100. Required: 1. Prepare a schedule for Colt to allocate the total 2019 income tax expense to the various components of pretax income. 2. Prepare Colts income tax journal entry at the end of 2019. 3. Prepare Colts 2019 income statement. 4. Prepare Colts 2019 statement of retained earnings. 5. Show the related income tax disclosures on Colts December 31, 2019, balance sheet.
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The pretax financial income (or loss) figures for Marin Company are as follows. 2017 76,000 2018 (48,000 ) 2019 (43,000 ) 2020 116,000 2021 104,000 Pretax financial income (or loss) and taxable income (loss) were the same for all years involved. Assume a 25% tax rate for 2017 and a 20% tax rate for the remaining years.Prepare the journal entries for the years 2017 to 2021 to record income tax expense and the effects of the net operating loss carryforwards. All income and losses relate to normal operations. (In recording the benefits of a loss carryforward, assume that no valuation account is deemed necessary. Account Titles and Explanation Debit Credit 2017 enter an account title to record carryback enter a debit amount enter a credit amount enter an account title to record carryback enter a debit amount enter a credit amount 2018 enter an account title to record carryforward enter a debit amount enter a…
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