Penny Hardaway Inc. (PHI) is a Mississippi corporation. It properly included, deducted, or excluded the following items on its federal tax return in the current year: Amount $ 33,424 $ 18,435 $ 3,974 $ 41,300 $9,948 $ 15,325 $2,474 Federal Treatment Deducted on federal return Deducted on federal return Deducted on federal return Deducted on federal return. Excluded from federal return. Excluded from federal return Included on federal return State depreciation expense was $51,300. PHI's federal taxable income was $151,600. Calculate PHI's Mississippi state tax base. Item Arkansas income taxes Mississippi income taxes Wisconsin Commercial Activity Tax Depreciation Arkansas municipal bond interest Mississippi municipal bond interest Federal T-note interest

Penny Hardaway Inc. (PHI) is a Mississippi corporation. It properly included, deducted, or excluded the following items on its federal tax return in the current year: Amount $ 33,424 $ 18,435 $ 3,974 $ 41,300 $9,948 $ 15,325 $2,474 Federal Treatment Deducted on federal return Deducted on federal return Deducted on federal return Deducted on federal return. Excluded from federal return. Excluded from federal return Included on federal return State depreciation expense was $51,300. PHI's federal taxable income was $151,600. Calculate PHI's Mississippi state tax base. Item Arkansas income taxes Mississippi income taxes Wisconsin Commercial Activity Tax Depreciation Arkansas municipal bond interest Mississippi municipal bond interest Federal T-note interest

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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