What is the required taxable year-end for Broken Rock LLC?
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Broken Rock LLC was recently formed with the following members:
Name Tax Year-End Capital/ Profits %
George Allen December 31 33.33%
Elanax Corporation June 30 33.33%
Elizabeth Cheam December 31 33.34%
What is the required taxable year-end for Broken Rock LLC?
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- Quince Corporation has taxable income of $485,000 for its calendar tax year. Calculate the corporation's income tax liability for 2019 before tax credits. $________________19.At 30 June 2023, Barry Ltd estimates it will be required to pay income tax expenses of $62 000 during the following financial year. The correct journal entry to provide for this income tax estimate at 30 June 2023 is: Group of answer choices 1.DR Income tax expense $62 000; CR Current tax liability $62 000 2.DR Current tax liability $62 000; CR Income tax expense $62 000 3.DR Income tax expense $62 000; CR Retained earnings $62 000 4.DR Income tax expense $62 000; CR Bank $62 000Select the best answer to the tax credit and corporate and partnership income tax issues. Mamey, Inc. had taxable income of $138,500 in 2020. What is the income tax expense for the year 2020? a. $29,085 b. $25,623 c. $34,625 d. $27,700 Which of the following items might not generally appear on the Schedule M-1 reconciliation a. Exempt interest income b. Meal expenses c. Office material expenses d. Federal income tax expense Cubey Industries, Inc. has a net book income of $76,100. For the year it had an income tax expense of $18,900. During the year Cubey received pandemic exempt income of $5,000 and had total food expense of $1,000 on books. What is the result of the Schedule M-1 reconciliation per Schedule line 10. a. $81,600 b. $90,500 c. $95,500 d. $95,000 The net operating losses (NOLs) that a corporation has available to be used against taxable income for the year 2020 are subject to a. A limitation of 90% of taxable income b.…
- Assume that Shoreline Hotel Inc., (SHI) decides to make the following entry on December 31, 2018. Current tax rate is 40%. DR Current income tax expense $634,800 CR Income tax payable $634,800 This would imply that Select one: a. the taxable income for 2018 was different than the accounting income. b. the income tax expense reported by SHI on its income statement would be $750,000. c. the taxable income for 2018 was determined to be $1,587,000. d. All of the above. e. None of the above.X Corporation, registered under PEZA, enjoying 5% preferential tax rate. In 2019, X’s sales totaled 2,000,000 and cost of sale is 500,000. Operating expenses is 300,000. This was the result of registered activities of X Corporation in 2019. What is the income tax payable to BIR?Explain when an accounting period starts for corporation tax purposes. 3.2 - Using all the relevant information provided above, calculate Harrogate Chocolate Ltd taxable total profit for the six months ended 31 March 2023. 3.3 - Calculate the corporation tax payable by Harrogate Chocolate Ltd assuming the maximum group relief is surrendered from Suggar Ltd to Harrogate Chocolate Ltd. 3.4 - State the dates on which Harrogate is required to file the CT 600 corporation tax return for the six months period to 31 March 2023 and when any tax payment(s) will be due for the period.
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