Robin Corporation has ordinary income from operations of $35,000; net long-term capital gain of $12,000; and net short-term capital loss of $30,000. What is Robin Corporation's taxable income for 2016? -- General Account - 3

Robin Corporation has ordinary income from operations of $35,000; net long-term capital gain of $12,000; and net short-term capital loss of $30,000. What is Robin Corporation's taxable income for 2016? -- General Account - 3

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter6: Deductions And Losses: In General

Section: Chapter Questions

Problem 56P

See similar textbooks

Similar questions

The accounting income (loss) figures for Pronghorn Corporation are as follows: 2015 $162,000 2016 242,000 I 2017 82,000 2018 (162,000) 2019 (382,000) 2020 2021 140,000 154,000 Accounting income (loss) and taxable income (loss) were the same for all years involved. Assume a 30% tax rate for 2015 and 2016, and a 25% tax rate for the remaining years. Prepare the journal entries for each of the years 2017 to 2021 to record income tax expense and the effects of the tax loss carrybacks and carryforwards, assuming Pronghorn Corporation uses the carryback provision first. All income and losses relate to normal operations and it is more likely than not that the company will generate substantial taxable income in the future.
STAR Corporation, a domestic corporation, had the following data: YEAR GROSS INCOME DEDUCTIONS 2016 Php 1,000,000 Php 1,200,000 2017 2,000,000 1,900,000 2018 3,000,000 2,950,000 2019 1,000,000 1,100,000 2020 980,000 500,000 The taxable income in 2020 is:
The pretax financial income (or loss) figures for Marin Company are as follows. 2015 $161,000 2016 248,000 2017 76,000 2018 (161,000 ) 2019 (390,000 ) 2020 119,000 2021 95,000 Pretax financial income (or loss) and taxable income (loss) were the same for all years involved. Assume a 25% tax rate for 2015 and 2016 and a 20% tax rate for the remaining years.Prepare the journal entries for the years 2017 to 2021 to record income tax expense and the effects of the net operating loss carryforwards. All income and losses relate to normal operations. (In recording the benefits of a loss carryforward, assume that no valuation account is deemed necessary.)
INCOME?
Monty Corporation has pretax financial income (or loss) equal to taxable income (or loss) from 2015 through 2021 as follows. 2015 2016 2017 2018 2019 2020 2021 Income (Loss) Tax Rate N $(86,000) (97,000) 75,000 62,000 (136,000) 95,000 165,000 25 % 20 % 20 % 20 % 20 % 25 % 25 % Pretax financial income (loss) and taxable income (loss) were the same for all years since Monty has been in business. Tax rates were not enacted until the year of change. In recording the benefits of a loss carryforward, assume that it is more likely than not that the related benefits will be realized.
The pretax financial income (or loss) figures for Shamrock Company are as follows. 2017 81,000 2018 (51,000 ) 2019 (35,000 ) 2020 111,000 2021 95,000 Pretax financial income (or loss) and taxable income (loss) were the same for all years involved. Assume a 25% tax rate for 2017 and a 20% tax rate for the remaining years.Prepare the journal entries for the years 2017 to 2021 to record income tax expense and the effects of the net operating loss carryforwards. All income and losses relate to normal operations. (In recording the benefits of a loss carryforward, assume that no valuation account is deemed necessary.) (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 0 for the amounts.) Account Titles and Explanation Debit Credit 2017 enter an account title to record carryback enter a debit amount enter a…
The pretax financial income (or loss) figures for Whispering Company are as follows. 2016 325,000 2017 104,000 2018 (208,000 ) 2019 (128,000 ) 2020 164,000 2021 124,000 Pretax financial income (or loss) and taxable income (loss) were the same for all years involved. Assume a 45% tax rate for 2016, and a 20% tax rate for the remaining years.Prepare the journal entries for the years 2017 to 2021 to record income tax expense and the effects of the net operating loss carrybacks and carryforwards assuming Whispering Company uses the carryback provision. All income and losses relate to normal operations. (In recording the benefits of a loss carryforward, assume that no valuation account is deemed necessary.)
The accounting income (loss) figures for Flounder Corporation are as follows: 2018 $162,000 2019 246,000 2020 84,000 2021 (162,000) 2022 (385,000) 2023 140,000 2024 156,000 Accounting income (loss) and taxable income (loss) were the same for all years involved. Assume a 30% tax rate for 2018 and 2019, and a 25% tax rate for the remaining years. Prepare the journal entries for each of the years 2020 to 2024 to record income tax expense and the effects of the tax loss carrybacks and carryforwards, assuming Flounder uses the carryback provision first. All income and losses relate to normal operations and it is more likely than not that the company will generate substantial taxable income in the future. (List all debit entries before credit entries. Credit account titles are automatically indented when the 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.) Year Account Titles and Explanation Debit…
The pretax financial income (or loss) figures for Marin Company are as follows. 2017 76,000 2018 (48,000 ) 2019 (43,000 ) 2020 116,000 2021 104,000 Pretax financial income (or loss) and taxable income (loss) were the same for all years involved. Assume a 25% tax rate for 2017 and a 20% tax rate for the remaining years.Prepare the journal entries for the years 2017 to 2021 to record income tax expense and the effects of the net operating loss carryforwards. All income and losses relate to normal operations. (In recording the benefits of a loss carryforward, assume that no valuation account is deemed necessary. Account Titles and Explanation Debit Credit 2017 enter an account title to record carryback enter a debit amount enter a credit amount enter an account title to record carryback enter a debit amount enter a credit amount 2018 enter an account title to record carryforward enter a debit amount enter a…
Thepretaxfinancial income (or loss)figures for Dan Lynch Companyare as follows. 2015 $160,000) 2016 250,000) 2017 80,000) 2018 (160,000) 2019 (380,000) 2020 120,000) 2021 100,000) Pretax financial income (or loss) and taxable income (loss) were the same for all years involved. Assume a 45% tax rate for 2015 and 2016, and a 20% tax rate for the remaining years. Instructions Prepare the journal entries for the years 2017 to 2021 to record income tax expense and the effects of the net operating loss carrybacks and carryforwards assuming Dan Lynch Company uses the carryback provision. All income and losses relate to normal operations. (In recording the benefits of a loss carryforward, assume that no valuation account is deemed necessary.)
A corporation in 2017 expects a gross income of $500,000, total operating expenses of $400,000, and capital investments of $20,000. In addition thecorporation is able to declare $60,000 of depreciation charges for the year. What is the expected taxable income and total federal income taxes owed for the year 2017?
A Corp., a domestic corporation, has the following data in 2022:Gross receipts from services, P800,000Cost of services, P200,000Long term capital gain, P15,000Short term capital loss, P5,000Dividend from a domestic corporation, P15,000Interest income from bank deposits, P10,000Operating expenses, P120,000Compute the optional standard deduction. a. P366,000 b. P364,500 c. P280,000 d. P244,000