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Review Examples 50 and 52 (Section 1231 Computations) in the text. In both examples, the taxpayer's AGI is $129,400 even though in Example 52 there is $700 of nonrecaptured § 1231 loss from 2018. As part of the § 1231 lookback provision any net gain is______(either added to or offset against) any ______(either, nonrecaptured net § 1231 losses or recaptured net § 1231 losses) from the______ (either two three or five) prior tax years. Therefore, the $700 from 2018 results in part of the 2019 net § 1231 gain to be treated as_______(either a
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- On October 1, 2020, how much should TRUE recognize as gain or loss on extinguishment? (please put a minus (-) sign before your answer if it's a loss, if a gain leave it as is) * How much should TRUE recognize as interest expense for the year ended, December 31, 2021? *Vertigo, Inc., has a 2021 net § 1231 loss of $64,000 and had a $32,000 net § 1231 gain in 2020. For 2021, Vertigo's net § 1231 loss is treated as: a.Ordinary loss. b.Capital loss. c.Capital gain. d.Ordinary gain.Complete the following statements by filling in the blanks. A. In a period in which a taxable temporary difference reverses, the reversal will cause taxable income to be ____________ pretax financial income. (less than / greater than). B. If a $76,400 balance in Deferred Tax Asset was computed by use of a 40% rate, the underlying cumulative temporary difference amounts to $_________ . C. Deferred taxes __________ recorded to account for permanent differences. (are / are not) D. If a taxable temporary difference originates in 2020, it will cause taxable income for 2020 to be ______________ pretax financial income for 2020. (less than / greater than) E. If total tax expense is $52,200 and deferred tax expense is $67,300, then the current portion of the expense computation is referred to as current tax ______________ of $_____________ . (expense / benefit) F. If a corporation’s tax return shows taxable income of $98,000 for Year 2 and a tax rate of 40%, how much will appear on the…
- 1.Whatare the conditions under Income Tax Act, ACT 896 forexpenditure to be allowed as a deduction when computingbusiness, employment or investment income?2.List5 allowable deductions from the assessable income3.Assumethat the written down value of assets in the pool 2 isGH 100 000 and the repairs and improvements is GH 20 000What will be the tax allowable expenses?4.Giventhat the assessable income for the company isGH 140 000 the finance cost is GH 90 000 and there is nocorresponding finance gain, what is the allowable expense?Jokers Company reported the following: How much of the net operating loss from 2019 cannot be be used as NOLCO? How much is the taxable income for 2025?Regarding the calculation of realized Gain or Loss, which of the following are true: O A. If the amount realized exceeds the property's adjusted basis, the result is a realized gain. O B. If the property's adjusted basis exceeds the amount realized, the result is a realized loss. O c. The amount realized from a sale or other disposition of property is the sum of any money received (which includes any debt relief) plus the fair market value of other property received. O D. The fair market value is reduced by selling expenses such as advertising, commissions, and legal fees associated with the sale or other disposition. O E. All of the above are true OF. None of these are true OG. A, B are true OH, B, C, D are true OI. A, B, C are true OJ. B & D are true OK. C & D are true
- Which of the following is correct about the tax law and taxpayers' strategy in the gains and losses netting process for individuals' property transactions? I.) Use any capital loss carryovers to first offset gains taxed at the 15% rate II.) The amount of Section 1245 Deprecation recapture is not part of the capital gains and losses netting process III.) The amount of Un-recaptured Section 1250 gain may become part of the capital gains and losses netting process(Terminology, Relationships, Computations, Entries)InstructionsComplete the following statements by filling in the blanks.(a) In a period in which a taxable temporary difference reverses, the reversal will cause taxable income to be _______ (less than, greater than) pretax financial income.(b) If a $76,000 balance in Deferred Tax Asset was computed by use of a 40% rate, the underlying cumulative temporary difference amounts to $_______.(c) Deferred taxes ________ (are, are not) recorded to account for permanent differences.(d) If a taxable temporary difference originates in 2017, it will cause taxable income for 2017 to be ________ (less than, greater than) pretax financial income for 2017.(e) If total tax expense is $50,000 and deferred tax expense is $65,000, then the current portion of the expense computation is referred to as current tax _______ (expense, benefit) of $_______.(f) If a corporation’s tax return shows taxable income of $100,000 for Year 2 and a tax rate of 40%, how…IDK had an NOL in 2022 that it elected to carryforward to 2023 in the following scenarios Income (Loss) before NOL NOL allowed Taxable income after NOL 2022 (75,000) n/a n/a 2023 (Scenario1) 2023 (Scenario2) 50,000 | 125,000
- Which of the following is not true of the netting process for capital gains and losses? Group of answer choices 1.If a taxpayer has both a NSTCG and a NLTCG or both a NSTCL and a NLTCL, the results are netted in the second stage of the netting process. 2.Long-term capital gains and losses are combined and result in either a net long-term capital gain (NLTCG) or a net long-term capital loss (NLTCL). 3.Short-term capital gains and losses are combined and result in either a net short-term capital gain (NSTCG) or a net short-term capital loss (NSTCL). 4.If a taxpayer has either an NSTCG and an NLTCL or NSTCL and an NLTCG, the results are netted in the second stage of the netting process.Dainty included the following items in pretax accounting income of 2020:• Litigation loss estimated at P75,000 which will become tax deductible when settled in the future.• Goodwill impairment of P87,500 which will never be deductible for income tax expense.• Revenue from an installment sale of P112,500, which will be recognized as part of taxable income as received over the next three years.• Pretax financial income is P437,500. How much should be the pretax financial income subject to income tax?
