PS Swim Inc. has a year end of November 30. t is a small CCPC. For its 2019 taxation year, its income tax returm is due on Select one O a February 28, 2020. Ob. May 31, 2020. OC. April 30, 2020. O d. None of the above Oe January 31, 2020.
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- fleming inc is a c corporation that files its return using a fiscal year. for the return for the fiscal year ending April 30 2019. what corporate tax rates apply to flemings incomeSelect 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.…Dive Company, a calendar-year corporation, had the following actual income before income tax expense and estimated effective annual income tax rates for the first three quarters in 2020. Dive's income tax expense in its interim income statement for the third quarter should be: *a. P126,000.b. P68,400.c. P62,400.d. P54,000.
- A domestic corporation presented the following information in 2019: REQUIRED: 1. Compute the net income using OSD 2. how much is the income tax due andpayable of the corporation if it started its operations in 2018?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.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.
- Sinigang na Baboy Company, a domestic corporation, started operations in the latter part of the first quarter of 2020. The company opted to report its financial statements for the nine months ended December 31, 2020. The pretax financial income for the period was P1,200,000. In preparing the income tax return for the period, the tax accountant determined the following differences between 2020 financial income and taxable income. a. Because of non-compliance with some local government requirements, the city treasurer assessed fines and penalties totaling P22,500. b. The company made a donation to Hospicio de San Jose amounting to P25,000. Tax laws consider a donation of this kind as non-deductible in full amount. c. Cash dividends received from equity investments in a domestic corporation, P5,200. d. Rent was paid in advance for one year amounting to P240,000. The financial statement of Sinigang na Baboy Company reported prepaid rent of P60,000. e. The company uses straight-line…An entity was organized on January I, 2019. The entity had pretax accounting income of P5,000,000 and taxable income of P7,000,000 for the current year. The only temporary difference is accrued product warranty cost that is expected to be paid in 2080. The enacted tax rates are 30% for 2019 and 25% for 2020 and thereafter. What amount should be reported as total income tax expense in the income statement for 2019?GYV Ltd has the following deffered tax balances as at 30 June 2019 DTA $900000 DTL. $700000 The above balances were calculated when rhe tax rate, was 20 percent. On 1 December 2019 the government raises the corporate tax rate to 25 percent Required Provide the journal entries to adjust the carry forward balances of The DTA and DTL.
- A domestic corporation has the following data for three years. Regular Corporate Income Tax2020 - P50,0002021 - P60,0002022 - P100,000Minimum Corporate Income Tax2020 - P75,0002021 - P100,0002022 - P60,000How much is the amount of tax payable for the year 2022? a. P65,000 b. P100,000 c. P60,000 d. P35,000Which of the following statements is/are correct? A. A minimum corporate income tax (MCIT) of 1% of gross income from July 1, 2020 to June 2023 and 2% beginning July 1, 2023 is imposed upon any domestic corporation and resident foreign corporation beginning on the 4th taxable year immediately following the taxable year in which such corporation commenced its business operations. B. MCIT shall be imposed whenever such corporation has zero or negative taxable income, or when the amount of MCIT is greater than the normal income tax due from such corporation. C. The computation and the payment of the MCIT, shall likewise apply at the time of filing the quarterly corporate income tax. A. I only B. II only C. I and III only D. I, II and IIITempe Corporation is a calendar - year corporation. At the beginning of 2022, its election to be taxed as an S corporation became effective. Tempe Corporation's balance sheet at the end of 2021 reflected the following assets (it did not have any earnings and profits from its prior years as a C corporation): Asset Adjusted Basis FMV Cash $31,500 $ 31,500 Accounts receivable 46, 900 46,900 Inventory 206, 000 269,000 Land 196,000 143,000 Totals $ 480, 400 $ 490, 400 Tempe Corporation's business income for the year was $ 51,500 (this would have been its taxable income if it were a C corporation). During 2022, Tempe Corporation sold all of the inventory it owned at the beginning of the year for $ 302,000. a. What is its built - in gains tax in 2022 ? b. Assume the original facts, except that if Tempe Corporation were a C corporation, its taxable income would have been $ 8,800. What is its built - in gains tax in 2022?