Compute the additional income tax liability for Corporation L by assuming that the marginal tax rate for the year is 34%.

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Answer 1

Question

Chapter 12, Problem 19AP

a.

To determine

Compute the additional income tax liability for Corporation L by assuming that the marginal tax rate for the year is 34%.

b.

To determine

Indicate the tax consequence of Mr. G as a result of the constructive dividend treatment and compute the difference in Mr. G’s income tax liability as result of this difference by assuming that Mr. G’s marginal tax rate on ordinary income is 37%.

c.

To determine

Identify the total impact on the treasury tax collection as a finding of the audit.

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Harrison Home Maintenance bought equipment for $12,600 on January 1, 2020. It has an estimated useful life of six years and zero residual value. Harrison uses the straight-line method to calculate depreciation and records depreciation expense at the end of every month. As of June 30, 2020, the book value of this equipment shown on its balance sheet will be: A. $11,550 B. $12,600 C. $13,710 D. $12,930

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Answer 2

Question

Chapter 12, Problem 19AP

a.

To determine

Compute the additional income tax liability for Corporation L by assuming that the marginal tax rate for the year is 34%.

b.

To determine

Indicate the tax consequence of Mr. G as a result of the constructive dividend treatment and compute the difference in Mr. G’s income tax liability as result of this difference by assuming that Mr. G’s marginal tax rate on ordinary income is 37%.

c.

To determine

Identify the total impact on the treasury tax collection as a finding of the audit.

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Answer 3

Question

Chapter 12, Problem 19AP

a.

To determine

Compute the additional income tax liability for Corporation L by assuming that the marginal tax rate for the year is 34%.

b.

To determine

Indicate the tax consequence of Mr. G as a result of the constructive dividend treatment and compute the difference in Mr. G’s income tax liability as result of this difference by assuming that Mr. G’s marginal tax rate on ordinary income is 37%.

c.

To determine

Identify the total impact on the treasury tax collection as a finding of the audit.

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Answer 4

Question

Chapter 12, Problem 19AP

a.

To determine

Compute the additional income tax liability for Corporation L by assuming that the marginal tax rate for the year is 34%.

b.

To determine

Indicate the tax consequence of Mr. G as a result of the constructive dividend treatment and compute the difference in Mr. G’s income tax liability as result of this difference by assuming that Mr. G’s marginal tax rate on ordinary income is 37%.

c.

To determine

Identify the total impact on the treasury tax collection as a finding of the audit.

Expert Solution & Answer

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Answer 5

Chapter 12, Problem 19AP

a.

To determine

Compute the additional income tax liability for Corporation L by assuming that the marginal tax rate for the year is 34%.

b.

To determine

Indicate the tax consequence of Mr. G as a result of the constructive dividend treatment and compute the difference in Mr. G’s income tax liability as result of this difference by assuming that Mr. G’s marginal tax rate on ordinary income is 37%.

c.

To determine

Identify the total impact on the treasury tax collection as a finding of the audit.

Answer 6

Chapter 12, Problem 19AP

a.

To determine

Compute the additional income tax liability for Corporation L by assuming that the marginal tax rate for the year is 34%.

Answer 7

Chapter 12, Problem 19AP

a.

To determine

Compute the additional income tax liability for Corporation L by assuming that the marginal tax rate for the year is 34%.

Answer 8

b.

To determine

Indicate the tax consequence of Mr. G as a result of the constructive dividend treatment and compute the difference in Mr. G’s income tax liability as result of this difference by assuming that Mr. G’s marginal tax rate on ordinary income is 37%.

Answer 9

b.

To determine

Indicate the tax consequence of Mr. G as a result of the constructive dividend treatment and compute the difference in Mr. G’s income tax liability as result of this difference by assuming that Mr. G’s marginal tax rate on ordinary income is 37%.

Answer 10

c.

To determine

Identify the total impact on the treasury tax collection as a finding of the audit.

Answer 11

c.

To determine

Identify the total impact on the treasury tax collection as a finding of the audit.

Answer 12

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Answer 13

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Answer 14

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Answer 15

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Compute the additional income tax liability for Corporation L by assuming that the marginal tax rate for the year is 34%.

Solution Summary: The author explains how to calculate the additional income tax liability for Corporation L by assuming that the marginal tax rate for the year is 34%.

Compute the additional income tax liability for Corporation L by assuming that the marginal tax rate for the year is 34%.

Indicate the tax consequence of Mr. G as a result of the constructive dividend treatment and compute the difference in Mr. G’s income tax liability as result of this difference by assuming that Mr. G’s marginal tax rate on ordinary income is 37%.

Identify the total impact on the treasury tax collection as a finding of the audit.

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Chapter 12 Solutions