South-western Federal Taxation 2018: Individual Income Taxes
South-western Federal Taxation 2018: Individual Income Taxes
41st Edition
ISBN: 9781337385886
Author: William H. Hoffman, James C. Young, William A. Raabe, David M. Maloney, Annette Nellen
Publisher: Cengage Learning
Question
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Chapter 9, Problem 38P

a.

To determine

Explain the income tax consequences of Ms. C’s that itemizes the deduction from AGI.

b.

To determine

Explain the income tax consequences of Ms. C’s standard deduction choice.

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Oxford Corporation began operations in 2012 and reported a pretax financial income of $225,000 for the year. Oxford's tax depreciation exceeded its book depreciation by $40,000. Oxford's tax rate for 2012 and years thereafter is 30%. In its December 31, 2012, balance sheet, what amount of deferred tax liability should be reported?
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Subject:- General Account
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