Susco had the following items this year:   Gross receipts $700,000 Operating expenses 500,000 Long-term capital gain 40,000 Long-term capital loss (20,000) Short-term capital gain 16,000 Short-term capital loss (44,000)   What is Susco’s taxable income and does it have any carrybacks/carryovers?

Q: During the current year, Sparrow Corporation, a calendar year C corporation, had operating income of…

A: The correct answer is A. $33,600Explanation:Since there is no provided corporate tax rate, we will…

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A: Revenue = 130,000 Expenses = 32000 Depreciation = 12000 Tax Rate = 23%

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Q: Suppose your firm had the following taxable income amounts: 2018 ($2 million) operating loss 2019…

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Q: Frezia Corp.'s total assets at the end of last year were P315,000 and its net income after taxes was…

A: Return on total assets = Net Income/ Avg. total assets

Q: 4

A: Step 1 The amount of cash created by a company's typical business activities is measured by…

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A: The ratio analysis helps to analyze the Financial statements of the business. The times interest…

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A: Variables in the question:Gross income=$41 millionEBIT=$25 millionDepreciation=$9.2 million

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A: We are taking itemized deductions instead of optional deduction of 40% of Net income.   For interest…

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A: For income tax purposes, tax depreciation is the systematic allocation of a physical asset's…

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Q: Jahlil Corporation has GAAP net income of $4,670,000,000. To compute Jahlil's AFSI, the following…

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A: The objective of the question is to calculate the amount of interest expense that ZYX Inc can deduct…

Q: Provide the Correct answer

A: To calculate the corporation's taxable income, we need to follow these steps:1. Start with the gross…

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A: Temporary Difference: When an asset or liability's carrying amount in the financial statements…

Q: Yellow Company reported the following information in 2021: ·       Sales revenue- P500,000 ·…

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A: Information Provided: Tax rate = 35% Previous operating capital = $2100 Current operating capital =…

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Q: Lee Min Jae Company reported net income of P7,410,000 for the current year. The following items are…

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Q: n its first year of operations corporation Lauzer has the following results for the year: Gross…

A: The answer is stated below:

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A: Net income, often referred to as "net profit," "net earnings," or "bottom line," is the total amount…

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Q: The annual revenue, expenses, and depreciation for a company are $130,000; 32,000; and $15,000,…

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Q: The following information relates to Sustagoon Ltd. Profit before tax for the year ended 30 June…

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Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.