Question No. 2: Ali and Ali enterprise filed the return on June 30th 2019. The entity applies for the special tax year i.e. from January to December. The FBR has approved the special tax year and instructed Ali and Ali to apply for the tax return of three months. Is it correct? If not, then specify the reason.
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- Camila timely filed her 2020 tax return on April 15, 2021. Under ordinary circumstances, what is the last day she can file an amended tax return? April 15, 2023; October 15, 2023; April 18, 2024; October 15, 2024Cedar Corporation has an S corporation election in effect. During the 2019 calendar tax year, the corporation had ordinary taxable income of $200,000, and on January 15, 2019, the corporation paid dividends to shareholders in the amount of $120,000. How much taxable income, in total, must the shareholders of the corporation report on their 2019 tax returns?A(n) Dora Burch files her 2022 income tax return on March 2, 2023. She receives an original notice of assessment dated June 3, 2023. However, on December 28, 2023, she receives a reassessment indicating that she owes a substantial amount of additional tax. She would like to object to this reassessment. What is the latest date for her to file a notice of objection? She does not carry on a business. (Ignore the business sells goods that it effect of leap year if applicable.) purchases in finished form for resale. March 2, 2024. April 30, 2024. March 28, 2024. Shy December 28, 2024.
- Patriot Corporation reports the following results for the current year: View the current year results. Read the requirements. Requirement a. What are Patriot's taxable income and income tax liability for the current year? Begin by computing Patriot's taxable income. (If an input field is not used in the table, leave the input field empty; do not select a label or enter a zero.) Gross income Minus: Taxable income Requirements a. What are Patriot's taxable income and income tax liability for the current year? b. How would your answers to Part a change if Patriot's short-term capital loss is $12,000 instead of $2,000? Print Done - X Current Year Results Gross profits on sales Long-term capital gain Long-term capital loss Short-term capital gain Short-term capital loss Operating expenses Print $ 159,000 7,000 8,000 9,000 2,000 70,000 Done XAn entity was organized on January I, 2019. The entity had pretax accounting income of P5,000,000 and taxable income of P7,000,000 for the current year. The only temporary difference is accrued product warranty cost that is expected to be paid in 2080. The enacted tax rates are 30% for 2019 and 25% for 2020 and thereafter. What amount should be reported as total income tax expense in the income statement for 2019?Assume the following facts for Munoz Company in 2019. Munoz reported pretax financial income of $800,000. In addition, Munoz reported the following differences between its pretax financial income and taxable income:• Interest income of $80,000 was received during 2019 from an investment in municipal bonds. This income is exempt for tax purposes.• Rent income of $40,000 was collected in 2018 and included for tax purposes during that year. For financial statement purposes, it will be reported as earned equally in 2019 and 2020.• An asset with a 5-year life was purchased during 2019; straight-line depreciation for book purposes was $40,000. MACRS depreciation expense for 2019 was $100,000.• Warranty expense of $20,000 was recognized on the 2019 income statement, while $5,000 was recognized for tax purposes. (Assume a 1-year warranty contract.)The balance of the Deferred Tax Asset account (debit) at January 1, 2019, was $16,000 as a result of the rent income temporary difference. The tax…
- - When is the deadline of renewal of BIR registration if the business secured its business permit on August 3, 2021? (Complete Date) - How much of its gross sales are subject to value-added tax for the 1st Quarter? - How much is the income tax due of this taxpayer if it elected itemized deduction?The tax rates in effect are 2019, 40%; 2020 and 2021, 45%. All tax rates were enacted into law on January 1, 2019. No deferred income taxes existed at the beginning of 2019. Taxable income is expected in all future years. Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2019, 2020, and 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Dec. 31.2019 Dec. 31, 2020 Account Titles and Explanation Debit Creditfleming inc is a c corporation that files its return using a fiscal year. for the return for the fiscal year ending April 30 2019. what corporate tax rates apply to flemings income
- In the three independent cases which follow, assume that Barry Levenor's combined foderal and provincial Tax Payable is as follows: S16,256 14,776 16,483 2018 2019 2020 (Estimated) The amount Barry's employer withholds for the three independent cases is as follows: Case 3. $11,220 in 2018, S13,275 in 2019, and $12,873 (extimated) in 2020. Required: Required: For Case 3, use altemnative 3 to calculate the instalment payments that are required to be made towards the settlement of the taxes payable for the year ending December 31, 2020. Show all required calculations. Note that, in answering this question, you should state a conclusion on whether or not instalments are required, even if the amount of the instalments is nil.6. On December 31, 2021, ABC has earned financial income before tax of P3,240,850. The tax rate applicable for the current and future years is 30%. For purposes of determining the taxable income, the following items are considered for analysis and reconciliation: On January 1, 2021, ABC has acquired a depreciable property amounted to P1,000,000. For financial accounting purposes, it uses straight line method to depreciate it and sum of the year’s digit method for income tax purposes (with depreciation rate from year 1 to year 10 of 10/55, 9/55, 8/55, 7/55, 6/55, 5/55, 4/55, 3/55, 2/55, 1/55, respectively). The useful life of the asset is 10 years with no residual value. 3 years prepaid rent of P600,000 (P200,000 a year) paid December 31, 2021 that is applicable for the next 3 years starting 2022. Dividend income (received in cash) of P250,000 that is subject to 20% tax rate. Interest income on deposit (already credited to ABC’s deposit account) of P150,000 with 20% applicable tax…The deadline to file a gift tax return is December 31 of the year after the calendar year in which the gift is made. True False