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Penny Hardaway Inc. (PHI) is a Mississippi corporation. It properly included, deducted, or excluded the following items on its federal tax return in the current year: Amount $ 33,424 $ 18,435 $ 3,974 $ 41,300 $9,948 $ 15,325 $2,474 Federal Treatment Deducted on federal return Deducted on federal return Deducted on federal return Deducted on federal return. Excluded from federal return. Excluded from federal return Included on federal return State depreciation expense was $51,300. PHI's federal taxable income was $151,600. Calculate PHI's Mississippi state tax base. Item Arkansas income taxes Mississippi income taxes Wisconsin Commercial Activity Tax Depreciation Arkansas municipal bond interest Mississippi municipal bond interest Federal T-note interest

Penny Hardaway Inc. (PHI) is a Mississippi corporation. It properly included, deducted, or excluded the following items on its federal tax return in the current year: Amount $ 33,424 $ 18,435 $ 3,974 $ 41,300 $9,948 $ 15,325 $2,474 Federal Treatment Deducted on federal return Deducted on federal return Deducted on federal return Deducted on federal return. Excluded from federal return. Excluded from federal return Included on federal return State depreciation expense was $51,300. PHI's federal taxable income was $151,600. Calculate PHI's Mississippi state tax base. Item Arkansas income taxes Mississippi income taxes Wisconsin Commercial Activity Tax Depreciation Arkansas municipal bond interest Mississippi municipal bond interest Federal T-note interest

FINANCIAL ACCOUNTING
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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Multiple Choice $200,933 $174,983 $208,433 $172,509
Transcribed Image Text:Multiple Choice $200,933 $174,983 $208,433 $172,509
Penny Hardaway Inc. (PHI) is a Mississippi corporation. It properly included, deducted, or excluded the following items on its federal tax return in the current year: Amount $ 33,424 $ 18,435 $ 3,974 $ 41,300 $9,948 $ 15,325 $ 2,474 Federal Treatment Deducted on federal return Deducted on federal return Deducted on federal return Deducted on federal return Excluded from federal return Excluded from federal return Included on federal return State depreciation expense was $51,300. PHI's federal taxable income was $151,600. Calculate PHI's Mississippi state tax base. Item Arkansas income taxes Mississippi income taxes Wisconsin Commercial Activity Tax Depreciation Arkansas municipal bond interest Mississippi municipal bond interest Federal T-note interest
Transcribed Image Text:Penny Hardaway Inc. (PHI) is a Mississippi corporation. It properly included, deducted, or excluded the following items on its federal tax return in the current year: Amount $ 33,424 $ 18,435 $ 3,974 $ 41,300 $9,948 $ 15,325 $ 2,474 Federal Treatment Deducted on federal return Deducted on federal return Deducted on federal return Deducted on federal return Excluded from federal return Excluded from federal return Included on federal return State depreciation expense was $51,300. PHI's federal taxable income was $151,600. Calculate PHI's Mississippi state tax base. Item Arkansas income taxes Mississippi income taxes Wisconsin Commercial Activity Tax Depreciation Arkansas municipal bond interest Mississippi municipal bond interest Federal T-note interest
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