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Exercise 25-12 (Algorithmic) (LO. 5) Rejoice, Inc., a private foundation, has existed for 10 years. Rejoice held undistributed income of $288,400 at the end of its 2021 tax year. Of this amount, $173,040 was distributed in 2022, and $115,360 was distributed during the first quarter of 2023. The IRS mailed a deficiency notice to Rejoice on August 1, 2024, relating to the entity's undistributed income. If amount is zero, enter "0". a. The initial tax on the 2021 undistributed taxable income for 2022 is $ 34,596 X and for 2023 is $ 115,320 X. b. Select from the choices below which one properly expresses the 2022 tax computation as a Microsoft Excel formula. Use the variable names "2022TAX" for the final tax amount, "21UNDISTRIB" for 2021 undistributed income, and "22DISTRIB" for 2022 distributed income. 2022TAX=MAX(0,(21UNDISTRIB-22DISTRIB))*.3

Exercise 25-12 (Algorithmic) (LO. 5) Rejoice, Inc., a private foundation, has existed for 10 years. Rejoice held undistributed income of $288,400 at the end of its 2021 tax year. Of this amount, $173,040 was distributed in 2022, and $115,360 was distributed during the first quarter of 2023. The IRS mailed a deficiency notice to Rejoice on August 1, 2024, relating to the entity's undistributed income. If amount is zero, enter "0". a. The initial tax on the 2021 undistributed taxable income for 2022 is $ 34,596 X and for 2023 is $ 115,320 X. b. Select from the choices below which one properly expresses the 2022 tax computation as a Microsoft Excel formula. Use the variable names "2022TAX" for the final tax amount, "21UNDISTRIB" for 2021 undistributed income, and "22DISTRIB" for 2022 distributed income. 2022TAX=MAX(0,(21UNDISTRIB-22DISTRIB))*.3

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Exercise 25-12 (Algorithmic) (LO. 5) Rejoice, Inc., a private foundation, has existed for 10 years. Rejoice held undistributed income of $288,400 at the end of its 2021 tax year. Of this amount, $173,040 was distributed in 2022, and $115,360 was distributed during the first quarter of 2023. The IRS mailed a deficiency notice to Rejoice on August 1, 2024, relating to the entity's undistributed income. If amount is zero, enter "0". a. The initial tax on the 2021 undistributed taxable income for 2022 is $ 34,596 X and for 2023 is $ c. The additional tax for 2024 relative to the 2021 income is $ b. Select from the choices below which one properly expresses the 2022 tax computation as a Microsoft Excel formula. Use the variable names "2022TAX" for the final tax amount, "21UNDISTRIB" for 2021 undistributed income, and "22DISTRIB" for 2022 distributed income. 2022TAX=MAX(0,(21UNDISTRIB-22DISTRIB))*.3 115,320 X. 0 ✓.
Transcribed Image Text:Exercise 25-12 (Algorithmic) (LO. 5) Rejoice, Inc., a private foundation, has existed for 10 years. Rejoice held undistributed income of $288,400 at the end of its 2021 tax year. Of this amount, $173,040 was distributed in 2022, and $115,360 was distributed during the first quarter of 2023. The IRS mailed a deficiency notice to Rejoice on August 1, 2024, relating to the entity's undistributed income. If amount is zero, enter "0". a. The initial tax on the 2021 undistributed taxable income for 2022 is $ 34,596 X and for 2023 is $ c. The additional tax for 2024 relative to the 2021 income is $ b. Select from the choices below which one properly expresses the 2022 tax computation as a Microsoft Excel formula. Use the variable names "2022TAX" for the final tax amount, "21UNDISTRIB" for 2021 undistributed income, and "22DISTRIB" for 2022 distributed income. 2022TAX=MAX(0,(21UNDISTRIB-22DISTRIB))*.3 115,320 X. 0 ✓.
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