Homework Answers
As per the given information provided Harris corporations comes in flat tax rate of 21% as per federal tax rules
In the given Question its not mentioned clearly 2018 carry forward losses but as per new tax rules carry forward losses can only be setoff upto 80 % of taxable income of 2019
( A) harris corp 2019 taxable income = $320000
less set off Harris corp 2019 80%taxable income = 256000
total Taxableincome of 2019 = $64000
As per the carryforward tax loss rule the corporation can set off the losses upto 80% of current year (i.e 2019)taxable income
which is $320000*80%= $256000
whereas taxable income of 2018 is $128000
(B) As per the given information provided Harris corporations comes in flat tax rate of 21% as per federal tax rules
so taxable income of 2019 = $64000
tax rate = 21%
so total tax liability = $13440
harris corp will pay $13440
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