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- Bermuda Corporation reports the following results in Year 1 and Year 2: Year 1 Year 2 Modified taxable income $400,000 $600,000 Charitable contributions 70,000 50,000 What is Bermuda's charitable contribution deduction in Year 2? Correct answer should be $60,000Problem 12-24 (c) (LO. 3, 7) Tahmid, a calendar year taxpayer, informs you that during the year he incurs expenditures of $56,000 that qualify for the incremental research activities credit. In addition, Tahmid's research-credit base amount for the year is $41,000. a. Determine Tahmid's incremental research activities credit for the year. 1,440 x Feedback v Check My Work In general, research expenditures qualify if the research relates to discovering technological information that is intended for use in the development of a new or improved business component of the taxpayer. Such expenses qualify fully if the research is performed in-house (by the taxpayer or employees). If the research is conducted by persons outside the taxpayer's business (under contract), only a percent of the amount paid qualifies for the credit. b. Tahmid is in the 24% tax bracket. Determine which approach to the research expenditures and the research activities credit (other than capitalization and subsequent…Question 5 options: A local Non for Profit had the following activity in October 2022: Cash Donations $200,000 Unrestricted Pledges made during monthly phone a thon to solicit donations $15,000 Expected uncollectible pledges from monthly phone a thon to solicit donations $3,000 What is the correct amount of Contribution Revenue the non for profit should recognize in October 2022? (do not use $ signs, commas or decimals in your answer)
- A non-profit organization received S80,000 as the entrance fee of a new member. If 10% of the fee has to be capitalized, what is the amount of fee needs to be shown in the income and expenditure account? O a. S72,000 O b. $82,000 O . S80,000 O d. $62,000Sales 10,000,000 6,000,000 1,000,000 100,000 180,000 100,000 Cost of Sales General Business Expenses Interest income on time deposit(gross) Depreciation Expense Charitable Contributions to the Government for Public Purpose (Priority project) If JMC is an individual, and she would use itemized deduction in her annual income tax return, how much is the total allowable deduction?6-Beta Company earned gross income of RO 100,000 in the tax year 2019. In the same year, company made a payment of RO 4,000 as a donation to an approved organization. Which one of the following is the deductible expense from the gross income as per Oman tax laws? a. RO 9,000 O b. RO 4,000 O c. RO 5,000 O d. None of the options
- QUESTION 6 Ottawa Corporation has accounting income for the year ended October 31, 2020 of $76,000. Included in this calculation are the following amounts: Meals and entertainment expenses Amortization and depreciation Landscaping costs Dividend from Canadian subsidiary Charitable donations $38,000 69,000 32,000 52,000 2,500 You have correctly determined CCA to be $61,000. What are the correct amounts for first, Net Income for Tax Purposes, and second, Taxable Income? O A. Net Income for Tax Purposes - $21,500; Taxable Income $19,000. O B. Net Income for Tax Purposes - $103,000; Taxable Income $51,000. OC. Net Income for Tax Purposes - $105,500; Taxable Income $51,000. O D. Net Income for Tax Purposes - $73,500, Taxable Income - $19,000,Problem 28-24 (c) (LO. 3) The trustee of the Geddings Trust has the discretion to distribute the income or corpus of the trust in any proportion between the two beneficiaries of the trust, Zoey and Milo. Under the trust instrument, Zoey must receive $5,000 and Milo must receive $10,000 from the trust every year. In the current year, the trust's accounting income is $15,000, and its DNI is $12,000. What amount income is recognized by the beneficiaries as the result of the distributions? Do not round immediate computations. Round your final answers to the nearest dollar. If an amount is zero, enter"0". a. Zoey: First-tier Distribution of $fill in the blank 1 and Second-tier Distribution of $fill in the blank 2.b. Milo: First-tier Distribution of $fill in the blank 3 and Second-tier Distribution of $fill in the blank 4.DETAILS PREVIOUS ANSWERS How much interest would they earn over the life of the account? $ 115706 24 Determine the value of the fund after 2, 4, and 6 years. 2 years $189627.86 ✓ 4 years $393750.99 x 6 years $2770424.23 X A corporation creates a sinking fund in order to have $850,000 to replace some machinery in 8 years. How much should be placed in this account at the end of each quarter if the annual interest rate is 3.7% compounded quarterly? (Round your answers to the nearest cent.) $ 22946.68 Additional Materials ebook TEAFM2 F.3.026. How much interest was earned during the third quarter of the 5th year? $ 474257 11 X MY NOTES PRACTICE ANOTHER
- Calibri (Bod... ♥ 12 I U B of 2 ab x₂ 437 words X IE A Aa R AUG 3 PO ♥ ✔ Focus 4 Question 31 Faith Community Church is exempt from Federal income taxation under § 501(c)(3). To supplement its contribution revenue, it holds bingo games on Saturday nights. It holds all of the licenses and permits required to do so. The net income from the bingo games is $90,000. Of these funds, $60,000 is used to support the ministry of the church. The balance of $30,000 is invested in Faith's endowment fund for church music. Faith Community Church is located in a resort city where bingo games can be conducted by churches, charities, and for-profit entities. a. Will conducting the bingo games affect the exempt status of the church? Explain. b. Calculate the Federal tax liability, if any, associated with the bingo games. While tax-exempt entities are indeed generally exempt from paying Federal income tax, they must operate in ways that guarantee that they remain in compliance with tax laws governing their…QUESTION 23 During the year of 2023, Bradford Corporation, an S Corporation has a recognized Built-In Gain of $80,000 and Taxable income if it were a Regular (C). Corporation of $95,000. The Built-In Gains Tax (Section 1374 of the Internal Revenue Code) of Bradford Corporation for the year of 2023 is: $33,250 $16,800. $28,000. $61,250.4. Information on an entity's plan assets is shown below: 341,000 Fair value of plan assets, Jan. 1 Contributions to the retirement fund during the year 32,000 Benefits paid to retirees 89,000 Actuarial loss 50,000 Fair value of plan assets, Dec. 31 335,000 How much is the return on plan assets during the year? a. 51,000 b. 81,000 c. 101,000 d. 1,000
