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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 29 Jul 2017 My Price 9.00

tax- able income

35.   LO.1, 2 In each of the following independent situations, indicate the effect on tax- able income and E & P, stating the amount of any increase (or decrease)  in

each as a result of the transaction. Assume that E & P has already been increased by taxable income.

 

 

 

Transaction

a.       Realized gain of $80,000 on involuntary conversion of building ($10,000 of gain is recognized).

b.       Mining exploration costs incurred on   May

1 of current year; $24,000 is  deductible

 

Taxable Income Increase (Decrease)

 

E & P Increase (Decrease)

 

from current-year taxable income.                                                                                                                               

c.       Sale of equipment to unrelated   third

party for $240,000; basis is $120,000 (no election out of installment method;  no

payments are received in current  year).                                                                                                                 

d.       Dividends of $20,000 received from 5%

owned corporation, together with dividends  received  deduction (assume

that taxable income limit does not   apply).                                                                                                          

e.       Domestic  production  activities deduction

of $45,000 claimed in current  year.                                                                                                                           

f.        Section 179 expense deduction   of

$25,000 in current year.                                                                                                                                                      

g.       Impact of current-year § 179  expense

deduction in succeeding year.

h.       MACRS depreciation of $80,000.  ADS

depreciation would have been  $90,000.                                                                                                               

i.        Federal income taxes of $80,000 paid   in

current year.                                                                                                                                                                                  

Answers

Maurice Tutor
(5)
Status NEW Posted 29 Jul 2017 03:07 PM My Price 9.00

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