ParentCo and SubCo report the following items of income and deduction for the current year. ParentCo's SubCo's Taxable Item Taxable Income Income Income (loss) from operations $100,000 $10,000 (10,000) § 1231 loss Capital gain Charitable contribution 20,000 12,000 1,000 Compute ParentCo and SubCo's current year taxable income or loss computed on a separate basis. ParentCo SubCo a. $81,000 $21,000 b. $81,000 $22,000 C. $70,000 $22,000 d. $70,000 $21,000 0000

Assume that TDW Corporation ( calendar year-end) has 2022 taxable income of 654,000 for purposes of computing the expense. The company acquired the following assets during 2022MACRS and Computer equipownt In September 12 February 10 2 2,270,400 263,650 3,415,000 a What is the maximum amount of 179 expense may deduct for 20227

Question Content Area ParentCo and SubCo report the following items of income and deduction for the current year. ParentCo's SubCo's Taxable Item Taxable Income Income Income (loss) from operations $ 100,000 ($10,000) § 1231 loss (5,000) Capital gain 15,000 Charitable contribution 12,000 Compute ParentCo and SubCo's 2023 taxable income or loss computed on a separate basis. ParentCo SubCo a. $85,000 $ 3,000 b. $85,500 $3,000 c. $85,500 $5,000 d. $85,000 $5,000

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(   crane co at the end of 202-itsfirst year of of operations prepared a reconciliation between pertax financial income and taxable income as follows;   Pertax financial income           $1170000   Estimated litigation expensense    2950000   Installment sales                            (2360000)     Taxable income                   1760000     (   crane co at the end of 202-itsfirst year of of operations prepared a reconciliation between pertax financial income and taxable income as follows;   Pertax financial income           $1170000   Estimated litigation expensense    2950000   Installment sales                            (2360000)     Taxable income                   1760000         The estimated litigation expense of $2950000 will be deductible in 2022 when it is expected to be paid. The gross profit from the installment sales will be realized in the amount of 1180000 in each of the next two years. The estimated libility for litigation is classified as noncurrent and the…

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An entity reported taxable income of P 8,000,000 during 2019. Its first year of operations.The following are the differences that cause financial income to differ from taxable incomeexcess tax depreciation over accounting depreciation, P 500,000, revenue collected fortax in excess of accounting revenue, P 2,000,000 and tax penalties as an expense in theincome statement, P 200,000. The income tax rate is 30%1. What total tax expense should be reported for 2019?a. 1,890,000b. 2,400,000c. 1,950,000d. 2,010,0002. What is the net deferred tax expense or benefit for 2019?a. 450,000 expenseb. 450,000 benefitc. 510,000 expensed. 510,000 benefit

Lin Ltd. reported the following: Earnings (loss) Depreciation (assets have a cost of $360,000) CCA Non-deductible expenses Tax rate Taxable income Accounting earnings Permanent difference Accounting income subject to tax Temporary difference 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.) Taxable income 20X7 20x7 (first year of operations) $98,000 $45,000 $60,000 $18,000 20x8 30% 2008 $(166,000) $ 45,000 $ 70,000 $18,000 30%