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

Aa.9.

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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%

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Taxable income and pretax financial income would be identical for Cullumber Co. except for its treatments of gross profit on installment sales and estimated costs of warranties. The following income computations have been prepared. Taxable income 2024 2025 2026 Excess of revenues over expenses (excluding two temporary differences) $163,000 $221,000 $94,900 Installment gross profit collected 8,400 8,400 8,400 Expenditures for warranties Taxable income (5,200) (5,200) (5,200) $166,200 $224,200 $98,100 Pretax financial income 2024 2025 2026 Excess of revenues over expenses (excluding two temporary differences) $163,000 $221,000 $94,900 Installment gross profit recognized 25,200 -0- -0- Estimated cost of warranties (15,600) -0- -0- Income before taxes $172,600 $221,000 $94,900 The tax rates in effect are 2024, 20%; 2025 and 2026, 25%. All tax rates were enacted into law on January 1, 2024. No deferred income taxes existed at the beginning of 2024. Taxable income is expected in all future…

Taxable income and pretax financial income would be identical for Coronado Co. except for its treatments of gross profit on installment sales and estimated costs of warranties. The following income computations have been prepared. Taxable income   2019     2020     2021   Excess of revenues over expenses (excluding two temporary differences)   $151,000     $207,000     $96,200   Installment gross profit collected   7,300     7,300     7,300   Expenditures for warranties   (5,200 )   (5,200 )   (5,200 )    Taxable income   $153,100     $209,100     $98,300                       Pretax financial income   2019     2020     2021   Excess of revenues over expenses  (excluding two temporary differences)   $151,000     $207,000     $96,200   Installment gross profit recognized   21,900     -0-     -0-   Estimated cost of warranties   (15,600 )   -0-     -0-      Income before taxes   $157,300…

What is the adjustable taxable income and how is it derived? * Your answer is incorrect. Swifty Company has the following for the current year: Revenue $1,200,000 Cost of Goods Sold ($395,000) Salaries paid ($240,400) Advertising ($12,500) Depreciation Expense ($25,200) Business Interest Expense ($2,860) Amortization Expense ($5,550) Office Expense ($1,240) 2 What is Swifty Company's adjusted taxable income for determining the amount of business interest expense that can be deducted? Ignore the impact of the QBI deduction. Adjusted taxable income $ 1240