Exercise 8-24 (Algorithmic) (LO. S) The Parent consolidated group reports the following results for the tax year. Entity Parent Sub1 Sub2 Sub3 Do not round any division in your computations. If required, round your answers to nearest whole dollar. If an amount is zero, enter "0". a. What is the group's consolidated taxable income and consolidated tax liability? If the relative taxable income method, the consolidated taxable income is s 18,990 X Entity Parent b. If the Parent group has consented to the relative taxable income method, how will the consolidated tax liability be allocated among the Parent and Subsidiaries 1, 2, and 3? Subl Income or Loss $42.200 (4,220) 16,880 8,440 Sub2 Sub3 63,300✔ and the total consolidated tax liability is Income or Loss 42,200 X

Exercise 8-24 (Algorithmic) (LO. S) The Parent consolidated group reports the following results for the tax year. Entity Parent Sub1 Sub2 Sub3 Do not round any division in your computations. If required, round your answers to nearest whole dollar. If an amount is zero, enter "0". a. What is the group's consolidated taxable income and consolidated tax liability? If the relative taxable income method, the consolidated taxable income is s 18,990 X Entity Parent b. If the Parent group has consented to the relative taxable income method, how will the consolidated tax liability be allocated among the Parent and Subsidiaries 1, 2, and 3? Subl Income or Loss $42.200 (4,220) 16,880 8,440 Sub2 Sub3 63,300✔ and the total consolidated tax liability is Income or Loss 42,200 X

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter3: Taxes On The Financial Statements

Section: Chapter Questions

Problem 24P

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The Parent consolidated group reports the following results for the tax year. Entity Income or Loss Parent $180,000 Sub1 ($19,000) Sub2 ($38,000) Sub3 $62,000 If an amount is zero, enter "0". If required, round any division to two decimal places and use rounded amounts in subsequent computations. Round your final answers to the nearest dollar. a. Assuming a 21% tax rate, what is the group's consolidated taxable income and consolidated tax liability? The consolidated taxable income is $ 185,000 If the Parent group has consented to the relative taxable income method, how will the consolidated tax liability be allocated among the Parent and Subsidiaries 1, 2, and 3? Parent $___________ Sub1 $__________ Sub2 $0 Sub3 $_________ What is the Parent, Sub 1, and Sub 3?
The Parent consolidated group reports the following results for the tax year. Entity Income or Loss Parent $10,000 Sub1 (1,500) Sub2 4,000 Sub3 2,000 Do not round any division in your computations. If required, round your answers to the nearest whole dollar. If an amount is zero, enter "0". a. What is the group's consolidated taxable income and consolidated tax liability? If the relative taxable income method, the consolidated taxable income is $14,500 and the total consolidated tax liability is $3,045 b. If the Parent group has consented to the relative taxable income method, how will the consolidated tax liability be allocated among the Parent and Subsidiaries 1, 2, and 3? Entity Income or Loss Parent $ Sub1 $ Sub2 $ Sub3 $
D1. Account
What amount of current income tax liability should be reported at year end? a. ₱ 1,780,000 b. ₱ 2,280,000 c. ₱ 2,880,000 d. ₱ 2,580,000
rmn.2 Flint, an S corporation with substantial AEP, reports operating gross receipts of $410,000, taxable interest income of $390,000, operating expenses of $260,000, and deductions attributable to the interest of $150,000. Calculate the excess passive investment income (ENPI) and the associated penalty tax payable. Round any division to six decimal places and use in subsequent calculations. Show your work. Round your final answers to the nearest dollar. a. The ENPI is: ____ b. § 1375 penalty tax is: ____ Do not use previous Chegg answers as they are incorrect
Intermediate Accounting ll ch. 16 4. Alvis Corporation reports pretax accounting income of $400,000, but due to a single temporary difference, taxable income is only $250,000. At the beginning of the year, no temporary differences existed. Required: Assuming a tax rate of 25%, what will be Alvis’s net income? What will Alvis report in the balance sheet pertaining to income taxes?
The Company provided the following financial information: Assets 17.250.800.00 Tax rate 35% BEP 14% ROA 4% Compute for the TIE ratio. Use 4 decimal places for your final answer
How much is the total income tax expense for the year? a. ₱ 2,280,000 b. ₱ 2,100,000 c. ₱ 3,120,000 d. ₱ 3,300,000
Earnings (loss) Depreciation (assets have a cost of $390,000) CCA Non-deductible expenses Tax rate Taxable income 1. What is the amount of the taxable income or loss in each year? (Negative amounts and deductible amounts should be indicated by a minus sign.) Accounting earnings Permanent difference: Accounting income subject to tax Temporary difference: Taxable income 20X7 20X7 (first year of operations) $99,000 $50,000 $65,000 $19,000 25% 20X8 20X8 $ (168,000) $ 50,000 $ 75,000 $ 19,000 25%
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se Print Item Exercise 16-5 (Algorithmic) (LO. 6) Beckett Corporation has nexus with States A and B. Apportionable income for the year totals $885,000. Beckett's apportionment factors the year use the following data. Compute Beckett's B taxable income for the year; B uses a three-factor apportionment formula with a double-weighted sales factor. State A State B Total Sales $1,062,000 $637,200 $1,699,200 Property $177,000 $0 $177,000 Payroll $265,500 $265,500 Do not round any division. Round your final answer to the nearest dollar. 69
Problem 16-8 (Algo) Multiple differences; taxable income given; two years; balance sheet classification; change in tax rate [LO16-1, 16-2, 16-3, 16-5, 16-6, 16-8] Skip to question [The following information applies to the questions displayed below.] Arndt, Inc. reported the following for 2021 and 2022 ($ in millions): 2021 2022 Revenues $ 936 $ 1,028 Expenses 792 848 Pretax accounting income (income statement) $ 144 $ 180 Taxable income (tax return) $ 108 $ 214 Tax rate: 25% Expenses each year include $54 million from a two-year casualty insurance policy purchased in 2021 for $108 million. The cost is tax deductible in 2021. Expenses include $2 million insurance premiums each year for life insurance on key executives. Arndt sells one-year subscriptions to a weekly journal. Subscription sales collected and taxable in 2021 and 2022 were $55 million and $71 million, respectively. Subscriptions included in 2021 and…