Comprehensive Problem 07-63 Part c (Algo) c. Assume the Howells' short-term capital loss carryover from prior years is $82,700 rather than $2,700 as indicated above. If this is the case, how much short-term and long-term capital loss carryovers remain to be carried beyond 2023 to future tax years? Note: Leave no cells blank - be certain to enter "0" wherever required. Short-term capital loss Long-term capital loss

net operating loss carryovers or carrybacks). $ (90,000) (40,000) 70,000 170,000 (235,000) 320,000. 2017 2018 2019 2020 2021 2022 Required: 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 B Required A What 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 deduction

Problem 15-58 (LO 15-6) In each of the following independent cases for tax year 2022, determine the amount of business interest expense deduction and disallowed interest expense carryforward, if any. Assume that average annual gross receipts exceed $27 million. Required: a. Company A has ATI of $70,000 and business interest expense of $20,000. b. Company B has ATI of $90,000, business interest expense of $50,000, and business interest income of $2,000. c. Company C has taxable income of $50,000 which includes business interest expense of $90,000 and depreciation of $20,000. Note: For all requirements, leave no cells blank - be certain to enter "0" wherever required. Enter your answers in dollar values not in million of dollars. a. Company A b. Company B c. Company C Interest expense deduction Disallowed interest expense carryforward

Exercise 19.8 (Two Temporary Differences, One rate, 3 years). Button Company has the following two temporary differences between its income tax expense and income taxes payable.     2020 2021 2022 Pretax Financial Income $840,000 $910,000 $945,000 Excess Depreciation Expense on tax Return (30,000) (40,000) (10,000) Excess Warranty Expense in Financial Income 20,000 10,000 8,000 Taxable Income $830,000 $880,000 $943,000   The income tax rate is 20% for all years.   Instructions:   a) Assuming there were no temporary differences prior to 2020, prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020,2021, and 2022.   b) Indicate how deferred taxes will be reported on the 2022 balance sheet. Button’s product warranty is for 12 months.       Deferred tax asset ( $ 0 + $ 0 + $ 0 )..............................$ 0       Deferred tax liability ( $ 0 + $ 0 + $ 0…