XY is a domestic corporation. The corporation started operating year 2017. The taxable period is 2021yeargross incomedeductionsnet20175,000,0006,000,000-1,000,00020186,000,0005,500,00500,00020196,000,0004,000,0002,000,00020203,000,0004,000,000-1,000,00020215,000,0003,900,0001,100,000 HOW MUCH IS THE CORPORATE INCOME TAX THAT SHOULD BE PAID IN 2021-SHOW COMPUTATION275,00050,00025,00020,000Zero

According to Income Tax Act, 1961

Answered: XY is a domestic corporation. The…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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XY is a domestic corporation. The corporation started operating year 2017. The taxable period is 2021

year	gross income	deductions	net
2017	5,000,000	6,000,000	-1,000,000
2018	6,000,000	5,500,00	500,000
2019	6,000,000	4,000,000	2,000,000
2020	3,000,000	4,000,000	-1,000,000
2021	5,000,000	3,900,000	1,100,000

HOW MUCH IS THE CORPORATE INCOME TAX THAT SHOULD BE PAID IN 2021-SHOW COMPUTATION

275,000
50,000
25,000
20,000
Zero

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