Which item is not included in an S corporation's nonseparately computed income?a. Net sales.b. Cost of goods sold.c. Dividends received.d. Depreciation recapture.e. All of these are included in non-separately computed income.

Related Theory:-An S corporation is a special type of corporation that allows income to pass through…

Answered: Which item is not included in an S…

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter4: Additional Income And The Qualified Business Income Deduction

Section: Chapter Questions

Problem 27MCQ

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When a business calculates taxable income from gross income, which ofthe following is true? a. Depreciation, interest, and principal are all subtracted b. Depreciation and interest are subtracted, principal is not c. Depreciation is subtracted, interest and principal are not d. Interest and principal are subtracted, depreciation is not.
For fi nancial assets classifi ed as available for sale, how are unrealized gains and losses refl ected in shareholders’ equity? C . Th ey are a component of accumulated other comprehensive income.
Corporations report which of the following in a separate section of the income statement? O Other revenues and gains. O Cost of goods sold. O Gross profit. O Income tax expense.
Calculate the EBIT which should be used for the EV / EBIT multiple given the information below: Net revenues Cost of sales Gross Profit Selling, general and administrative expenses Amortization expense Restructuring costs Acquisition-related costs Asset impairment charges Gain on sales of assets Operating income Interest expense, net Loss on early extinguishment of debt Other expense, net Income (loss) before taxes (Benefit) provision for income taxes Net income (loss) Select one: 1,394,8 1,444.4 1,474.3 S 1,419.6 5,248.1 1,746.0 3,502.1 2,027.8 During fiscal 2050, the company sold assets relating to the Cutey brand for a total disposal price of $29.2. The Company allocated $4.2 of goodwill to the brand as part of the sale. The Company recorded a gain of $24.8 which has been reflected in Gain on sales of assets in the Consolidated Statement of Operations for the fiscal year ended June 30, 2050. 79.5 86.9 174.0 5.5 (24.8) 1,153.2 81.9 3.1 30.4 1,037.8 (40.4) 1,078.2
The Principle of Taxation class: What is the difference between income which is "realized" and income which is "recognized"? Which respect to gains/losses from Capital Assets like equity securities (stock), at what point is the gain realized and when is it currently recognized?
Which of the following would be considered by the CRA to be business income rather than property income or capital gains? Profits from the sale of assets that were used to produce business income Profit from the sale of assets that were used to produce property income Profit from the sale of inventory items Both A and C
General Account You are about to determine your corporation's taxable income. Which of the following selections does not help to reduce the taxable income for the firm? a. Marketing expenses b. Depreciation expense c. Cost of goods sold d. Dividend expense
Which of the following refers to the elements of Comprehensive Income? a) Net Income, Interest Payments and Income Tax Payments b) Retained Earnings and Other Comprehensive Income c) Net Income and Other Comprehensive Income d) Sales and Other Comprehensive Income
1. Which statement is incorrect regarding presentation of statement of profit or loss and other comprehensive income?a. An entity may use the title 'statement of comprehensive income' instead of 'statement of profit or loss and other comprehensive income'.b. An entity may present the profit or loss section in a separate statement of profit or loss.c. If presented separately, the statement of profit or loss shall immediately precede the statementpresenting comprehensive income, which shallbegin with profit or loss.d. An entity may present a single statement of profit or loss and other comprehensive income, withprofit or loss and other comprehensive incomepresented in one section. 2. The statement of profit or loss and other comprehensive income shall presenta. Profit or lossb. Total other comprehensive incomec. Comprehensive income for the period, being the total of profit or loss…
Which of the following is a measurement of earnings that represents the profit before interest, taxes, depreciation and amortization are subtracted? A. net income B. retained earnings C. EBITDA D. EPS
Please explain.
What is the accounting treatment for discontinued operations? A : It is reported at its gross amount as an "other revenue or gain" or "other expense or loss". B : It is reported as an "other revenue or gain" or "other expense and loss", net of tax. C : It only needs to be disclosed in the footnotes of the financial statements. D : It may be treated as sales revenue (if it is a gain) and as an operating expense (if it is a loss).

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Which item is not included in an S corporation's nonseparately computed income? a. Net sales. b. Cost of goods sold. c. Dividends received. d. Depreciation recapture. e. All of these are included in non-separately computed income.