Compute MV Corp.'s 2020 taxable income given the following information relating to its year 1 activities. Also, compute MV's ScheduleM-1 assuming that MV's federal income tax expense for book purposes is $100,000. Use Exhibit 16-6.• Gross profit from inventory sales of $500,000 (no book-tax differences).• Dividends MV received from 25 percent-owned corporation of $100,000 (assume this is also MV's pro rata share of the distributingcorporation's earnings).• Expenses other than DRD, charitable contribution (CC), and net operating loss (NOL) are $350,000 (no book-tax differences).• NOL carryover from 2019 of $10,000.• Cash charitable contribution of $120,000.Complete this question by entering your answers in the tabs below.Req 1Req 2Compute MV's Schedule M-1 assuming that MV's federal income tax expense for book purposes is $100,000. (Enter all valuesas positive numbers.)

Compute MV Corp.'s 2020 taxable income given the following information relating to its year 1 activities. Also, compute MV M-1 assuming that MV's federal income tax expense for book purposes is $100,000. Use Exhibit 16-6. • Gross profit from inventory sales of $500,000 (no book-tax differences). • Dividends MV received from 25 percent-owned corporation of $100,000 (assume this is also MV's pro rata share of the d corporation's earnings). • Expenses other than DRD, charitable contribution (CC), and net operating loss (NOL) are $350,000 (no book-tax differene • NOL carryover from 2019 of $10,000. • Cash charitable contribution of $120,000. Complete this question by entering your answers in the tabs below. Req 1 Req 2

Compute MV Corp.'s 2020 taxable income given the following information relating to its year 1 activities. Also, compute MV M-1 assuming that MV's federal income tax expense for book purposes is $100,000. Use Exhibit 16-6. • Gross profit from inventory sales of $500,000 (no book-tax differences). • Dividends MV received from 25 percent-owned corporation of $100,000 (assume this is also MV's pro rata share of the d corporation's earnings). • Expenses other than DRD, charitable contribution (CC), and net operating loss (NOL) are $350,000 (no book-tax differene • NOL carryover from 2019 of $10,000. • Cash charitable contribution of $120,000. Complete this question by entering your answers in the tabs below. Req 1 Req 2

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter17: Corporations: Introduction And Operating Rules

Section: Chapter Questions

Problem 47P

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Compute MV Corp.'s 2020 taxable income given the following information relating to its year 1 activities. Also, compute MV's Schedule M-1 assuming that MV's federal income tax expense for book purposes is $100,000. Use Exhibit 16-6. • Gross profit from inventory sales of $500,000 (no book-tax differences). • Dividends MV received from 25 percent-owned corporation of $100,000 (assume this is also MV's pro rata share of the distributing corporation's earnings). • Expenses other than DRD, charitable contribution (CC), and net operating loss (NOL) are $350,000 (no book-tax differences). • NOL carryover from 2019 of $10,000. • Cash charitable contribution of $120,000. Complete this question by entering your answers in the tabs below. Req 1 Req 2 Compute MV Corp.'s 2020 taxable income given the following information relating to its year 1 activities. (Negative amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.)
Compute MV Corporation's 2022 taxable income given the following information relating to its year 1 activities. Also, compute MV's Schedule M-1 assuming that MV's federal income tax expense for book purposes is $100,000. Use Exhibit 16-7. Required: Gross profit from inventory sales of $500,000 (no book-tax differences). Dividends MV received from 25 percent-owned corporation of $100,000 (assume this is also MV's pro rata share of the distributing corporation's earnings). Expenses other than DRD, charitable contribution (CC), and net operating loss (NOL) are $350,000 (no book-tax differences). NOL carryover from 2021 of $10,000. Cash charitable contribution of $120,000. Complete this question by entering your answers in the tabs below. Required A Required B Compute MV Corporation's 2022 taxable income given the following information relating to its year 1 activities. Note: Negative amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable. Description…
N2. Account Compute HC Inc.’s current-year taxable income given the following information relating to its 2019 activities. Also, compute HC’s Schedule M-1 assuming that HC’s federal income tax expense for book purposes is $30,000. Use Exhibit 16-6. Gross profit from inventory sales of $310,000 (no book–tax differences). Dividends HC received from 28 percent-owned corporation of $120,000 (this is also HC’s pro rata share of the corporation’s earnings). Expenses other than DRD, charitable contribution (CC), and net operating loss (NOL), are $300,000 (no book–tax differences). NOL carryover from prior year of $12,000. Cash charitable contribution of $50,000.
Compute HC Incorporated’s current-year taxable income given the following information relating to its 2021 activities. Also, compute HC’s Schedule M-1 assuming that HC’s federal income tax expense for book purposes is $30,000. Use Exhibit 16-6. Gross profit from inventory sales of $310,000 (no book–tax differences). Dividends HC received from 28 percent-owned corporation of $120,000 (this is also HC’s pro rata share of the corporation’s earnings). Expenses other than DRD, charitable contribution (CC), and net operating loss (NOL) are $300,000 (no book–tax differences). NOL carryover from prior year of $12,000. Cash charitable contribution of $50,000. Assume the charitable donation is not a qualified contribution because HC Incorporated did not make the necessary election. Compute HC Incorporated’s current-year taxable income given the following information relating to its 2021 activities. (Negative amounts should be indicated by a minus sign. Leave no answer blank. Enter zero…
For the year ended December 31, 2021, Jocelyn Company reported pretax financial income of P7,500,000. The taxable income was P6,500,000. The difference is due to accelerated depreciation for income tax purposes. The income tax rate is 30% and the entity made estimated tax payment of P900,000 during the current year. What amount should be reported as current tax expense for the current year? O 1,050,000 O 1,950,000 O 2,250,000 O 1,350,000
ABC Corporation provides you with the following information for the 2020 tax year, which was the company’s first year of operation:Book Income Before Taxes $100,000,000Book Depreciation $ 5,000,000MACRS Depreciation $ 7,500,000Foreign Sourced Income $ 40,000,000Assume a federal tax rate of 21%, disregard state taxes.a. Calculate federal taxable income.b. Calculate the federal tax payable and federal tax expense.c. Given your answer above in b., is a deferred tax asset or a deferred tax liability created? Provide the journal entry needed to reflect this.
Honesty Company reported pre-tax financial income of P400,000 for 2022. In the computation of income taxes, the following data were gathered: Non-taxable gain - P175,000 Depreciation deducted for tax purposes in excess of depreciation deducted for book purposes - P25,000 Tax payment made during 2022 - P27,500 Enacted tax rate - 35% What amount shall be reported as current tax liability?