Marty has the following net § 1231 results for each of the years shown: Tax Year 2017 2018 2019 2020 Net § 1231 Loss $10,000 3,000 12,000 Net § 1231 Gain What would be the nature of the net gains in 2020? $29,000
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- 14. Leslie Inc. has correctly determined the following information related to operations for 2018: Revenue from sales Expenses Income before income taxes P7,000,000 4,000,000 P3,000,000 In reviewing the records, you discovered the following items: During 2018, the company discovered an error in depreciation in 2017. The correction of this error, which has not been recorded, will result in an increase in depreciation for 2017 of P200,000. During 2018, the company sustained a loss of P400,000 because of flood, which destroyed its inventory. The company charged retained earnings and credited inventory for P400,000.Keshara has the following net § 1231 results for each of the years shown: Tax Year Net § 1231 Loss Net § 1231 Gain 2016 $18,000 2017 33,000 2018 42,000 2019 $41,000 2020 30,000 2021 41,000 What would be the nature of the net gains in 2020 and 2021? If an amount is zero, enter "0". Amount Amount Total Treated as Treated as Net § 1231 Ordinary Long-Term Gain Income Capital Gain 2020 30,000 2021 41,000! Required information Problem 7-45 (LO 7-2) (Algo) [The following information applies to the questions displayed below.] Matt and Meg Comer are married and file a joint tax return. They do not have any children. Matt works as a history professor at a local university and earns a salary of $69,600. Meg works part time at the same university. She earns $33,800 a year. The couple does not itemize deductions. Other than salary, the Comers' only other source of income is from the disposition of various capital assets (mostly stocks). (Use the tax rate schedules, Dividends and Capital Gains Tax Rates.) Note: Round your final answers to the nearest whole dollar amount. Problem 7-45 Part-a (Algo) a. What is the Comers' tax liability for 2022 if they report the following capital gains and losses for the year? $ 9,800 (2,400) Short-term capital gains Short-term capital losses Long-term capital gains Long-term capital losses 15,800 (6,400) Total tax liability
- How much is the gross profit realized in 2019? A. P1,600,000 B. P1,350,000 C. P500,000 D. P250,000What is the taxable income for the year 2020? A. P25,000 B. P75,000 C. P280,620 D. P300,000An individual earns $10,000 in eligible dividends during 2020. What is the amount of taxable income that must be reported as a result of this dividend? $0 $13,800 $12,500 $10,000
- Problem 14-70 (b) (LO. 8) Domingo has the following net § 1231 results for each of the years shown: Tax Net § 1231 Net § 1231 Year Loss Gain 2015 $13,000 2016 $34,000 2017 $59,000 2018 $45,000 2019 $10,000 2020 $42,000 What would be the nature of the net gains in 2018, 2019, and 2020? If an amount is zero, enter "0". Amount Amount Total Treated as Treated as Net § 1231 Ordinary Long-Term Gain Income Capital Gain 2018 $45,000 $ 2019 $10,000 $ 2020 $42,000 $ %24 %24Rhodes Corporations financial statements are shown after part f. Suppose the federal-plus-state tax corporate tax is 25%. Answer the following questions. a. What is the net operating profit after taxes (NOPAT) for 2020? b. What are the amounts of net operating working capital for both years? c. What are the amounts of total net operating capital for both years? d. What is the free cash flow for 2020? e. What is the ROIC for 2020? f. How much of the FCF did Rhodes use for each of the following purposes: after-tax interest, net debt repayments, dividends, net stock repurchases, and net purchases of short-term investments? (Hint: Remember that a net use can be negative.) Rhodes Corporation: Income Statements for Year Ending December 31 (Millions of Dollars) Rhodes Corporation: Balance Sheets as of December 31 (Millions of Dollars)LO.2 Oak Corporation has the following general business credit carryovers. If the general business credit generated by activities during 2019 equals 36,000 and the total credit allowed during the current year is 60,000 (based on tax liability), what amounts of the current general business credit and carryovers are utilized against the 2019 income tax liability? What is the amount of unused credit carried forward to 2020?
- The following information pertains to XYZ Inc.: Year Taxable Income (Loss) Tax Rate Taxes Paid 2019 $100,000 25% $25,000 2020 $250,000 30% $75,000 2021 $360,000 22% $79,200 2022 $400,000 26% $104,000 2023 $500,000 24% $120,000 2024 $(600,000) 25% - Assuming that XYZ has a policy of tax refund maximization, how much would the company be able to recover in taxes through the use of its 2024 tax loss? Multiple Choice $141,600 $152,000 $133,000 $145,000 Verena Inc. earned income in 20x4 and suffered a loss for tax purposes in 20x5. Assume that even after carrying back and recovering taxes previously paid, there is still some loss remaining to carry forward. The journal entry related to the recognition of any benefit from carry-forward will be recognized as follows (assume the realization is probable) Multiple Choice Dr. income tax payable; cr. deferred tax asset. Dr. income tax expense; Cr. deferred tax asset. Dr. deferred tax asset;…What is the corrected net income before tax for the current year? A. 4,450,000B. 5,000,000C. 5,150,000D. 5,700,000Given that your gross income for 2020 was $180,000 and your taxable income was $140,000. Calculate: a. the marginal tax rate b. the average tax rate c. the effective tax rate. SHOW WORK
