Questions from Individual Taxation

Q: What role do a corporation’s audited financial statements play in determining its

What role do a corporation’s audited financial statements play in determining its taxable income?

Q: Is a corporation allowed to carry a net operating loss forward if

Is a corporation allowed to carry a net operating loss forward if it has income in prior years that it could offset with a carryback? Explain.

Q: Compare and contrast the general rule for determining the amount of the

Compare and contrast the general rule for determining the amount of the charitable contribution if the corporation contributes capital gain property versus ordinary income property.

Q: Does a corporation pay the AMT in addition to or instead of

Does a corporation pay the AMT in addition to or instead of the regular tax? Briefly explain.

Q: Is a corporation’s choice of its tax year independent from its year

Is a corporation’s choice of its tax year independent from its year-end for financial accounting purposes?

Q: LNS corporation reports book income of $2,000,000

LNS corporation reports book income of $2,000,000. Included in the $2,000,000 is $15,000 of tax-exempt interest income. LNS reports $1,345,000 in ordinary and necessary business expenses. What is LN...

Q: Compute SWK Inc.’s tax liability for each of the following

Compute SWK Inc.’s tax liability for each of the following scenarios: a. SWK’s taxable income is $60,000. b. SWK’s taxable income is $275,000. c. SWK’s taxable income is $...

Q: For the current year, CCP, Inc. received the following

For the current year, CCP, Inc. received the following interest income: • $12,000 interest from Irvine City bonds: Bonds issued in 2012 and proceeds used to fund public schools. • $20,000 interest fro...

Q: What are unemployment taxes?

What are unemployment taxes?

Q: On January 2 of year 1, XYZ Corp. acquired a

On January 2 of year 1, XYZ Corp. acquired a piece of machinery for $50,000. The asset recovery period for the assets is seven years for both regular tax and AMT purposes. XYZ uses the double declin...