Homework Answers
Form 1120 is prepared by the companies to disclose their income, losses, expenses and gains which help them to figure their tax liability.
So correct answer is true.
Add Answer to:
Thrush Corporation files its Form 1120, which reports taxable income of $200,000 in the current year....
QUESTION 45 The ABC Corporation's depreciation for tax purposes was $100,000. Its depreciation for book purposes...
QUESTION 45 The ABC Corporation's depreciation for tax purposes was $100,000. Its depreciation for book purposes was $120,000. This item will be an addition on Schedule M-1. O a. True. O b. False. QUESTION 46 Thrush Corporation, a calendar year C corporation, files it's 2020 Form 1120, which reports taxable income of $100,000 for the year. The corporation's tax is $61.250. O a. True. b. False QUESTION 47 Lia incorporates her sole proprietorship with assets having a fair market value...
Fallow Corporation is a C corporation. Its taxable income for the current year is $110,000. What...
Fallow Corporation is a C corporation. Its taxable income for the current year is $110,000. What is Fallow Corporation's income tax liability for the year? Can you please show how you got the answer also
Marathon Inc. (a C corporation) reported $1,950,000 of taxable income in the current year. During the...
Marathon Inc. (a C corporation) reported $1,950,000 of taxable income in the current year. During the year, it distributed $195,000 as dividends to its shareholders as follows: (New Corporate income tax rate has been mentioned as "21% on all taxable income" as per the recent change. Leave no answer blank. Enter zero if applicable.) $9,750 to Guy, a 5 percent individual shareholder. $29,250 to Little Rock Corp., a 15 percent shareholder (C corporation). $156,000 to other shareholders. How much of...
Schedule M-1 of Form 1120 is used to reconcile financial net income with taxable income reported...
Schedule M-1 of Form 1120 is used to reconcile financial net income with taxable income reported on the corporation's income tax return as Follows net income per books additions subtractions taxable income. Which of the following items is an addition on Schedule M-1? a. Proceeds of life insurance paid on death of key emplovee. eb. Tax depreciation in excess of book depreciation. C. Excess of capital losses over capital gains! d. Tax-exempt interest None of these choices are correct.
Marathon Inc. (a C corporation) reported $1,000,000 of taxable income in the current year. During the...
Marathon Inc. (a C corporation) reported $1,000,000 of taxable income in the current year. During the year, it distributed $100,000 as dividends to its shareholders as follows: (New Corporate income tax rate has been mentioned as "21% on all taxable income" as per the recent change. Leave no answer blank. Enter zero if applicable.) $5,000 to Guy, a 5 percent individual shareholder. $15,000 to Little Rock Corp., a 15 percent shareholder (C corporation). $80,000 to other shareholders. How much of...
Identify which of the following statements is false. A) An S corporation files a Form 1120S...
Identify which of the following statements is false. A) An S corporation files a Form 1120S corporate income tax return on or before the 15th day of the fourth month following the close of its tax year. B) An S corporation's ordinary income or loss is reported by an individual shareholder on Schedule E of Form 1040. C) An S corporation that owes the built-in gains tax or the excess net passive income tax must make quarterly estimated tax payments....
For the current year, Maple Corporation, a C corporation, reports taxable income of $252,000 before paying...
For the current year, Maple Corporation, a C corporation, reports taxable income of $252,000 before paying salary to its sole shareholder, Diane. Diane’s marginal tax rate on ordinary income is 35.9 percent (including the additional Medicare tax) and 18.8 percent on dividend income (including the 3.8% net investment income tax). If Maple pays Diane a salary of $198,000 but the IRS determines that Diane’s salary in excess of $150,000 is unreasonable compensation, what is the amount of the overall tax...
For the current year, Maple Corporation, a C corporation, reports taxable income of $436,000 before paying...
For the current year, Maple Corporation, a C corporation, reports taxable income of $436,000 before paying salary to its sole shareholder, Diane. Diane’s marginal tax rate on ordinary income is 35.9 percent (including the additional Medicare tax) and 18.8 percent on dividend income (including the 3.8% net investment income tax). If Maple pays Diane a salary of $170,000 but the IRS determines that Diane’s salary in excess of $120,000 is unreasonable compensation, what is the amount of the overall tax...
For the current year, Maple Corporation, a C corporation, reports taxable income of $267,000 before paying...
For the current year, Maple Corporation, a C corporation, reports taxable income of $267,000 before paying salary to its sole shareholder, Diane. Diane's marginal tax rate on ordinary income is 35.9 percent (including the additional Medicare tax) and 18.8 percent on dividend income (including the 3.8% net investment income tax). If Maple pays Diane a salary of $223,000 but the IRS determines that Diane's salary in excess of $175,000 is unreasonable compensation, what is the amount of the overall tax...
Prepare a Schedule M-1, page 5, Form 1120, reconciling Cramer’s book and taxable income. Cramer Corporation, a calendar...
Prepare a Schedule M-1, page 5, Form 1120,
reconciling Cramer’s book and taxable income.
Cramer Corporation, a calendar year, accrual basis corporation, reported $1.05 million of net income after tax on its 2018 financial statements prepared in accordance with GAAP. The corporation's books and records reveal the following information: • Cramer's federal income tax expense per books was $201,000. • Cramer's book income included $11,000 of dividends received from a domestic corporation in which Cramer owns a 25 percent stock...
QUESTION 45 The ABC Corporation's depreciation for tax purposes was $100,000. Its depreciation for book purposes was $120,000. This item will be an addition on Schedule M-1. O a. True. O b. False. QUESTION 46 Thrush Corporation, a calendar year C corporation, files it's 2020 Form 1120, which reports taxable income of $100,000 for the year. The corporation's tax is $61.250. O a. True. b. False QUESTION 47 Lia incorporates her sole proprietorship with assets having a fair market value...
Schedule M-1 of Form 1120 is used to reconcile financial net income with taxable income reported on the corporation's income tax return as Follows net income per books additions subtractions taxable income. Which of the following items is an addition on Schedule M-1? a. Proceeds of life insurance paid on death of key emplovee. eb. Tax depreciation in excess of book depreciation. C. Excess of capital losses over capital gains! d. Tax-exempt interest None of these choices are correct.
For the current year, Maple Corporation, a C corporation, reports taxable income of $267,000 before paying salary to its sole shareholder, Diane. Diane's marginal tax rate on ordinary income is 35.9 percent (including the additional Medicare tax) and 18.8 percent on dividend income (including the 3.8% net investment income tax). If Maple pays Diane a salary of $223,000 but the IRS determines that Diane's salary in excess of $175,000 is unreasonable compensation, what is the amount of the overall tax...
Prepare a Schedule M-1, page 5, Form 1120,
reconciling Cramer’s book and taxable income.
Cramer Corporation, a calendar year, accrual basis corporation, reported $1.05 million of net income after tax on its 2018 financial statements prepared in accordance with GAAP. The corporation's books and records reveal the following information: • Cramer's federal income tax expense per books was $201,000. • Cramer's book income included $11,000 of dividends received from a domestic corporation in which Cramer owns a 25 percent stock...
Most questions answered within 3 hours.
-
The area of an elastic circular loop decreases at a constant
rate, dA/dt = −6.60×10−3 m2/s...
asked 12 minutes ago -
The denaturation of proteins can be described by the
equilibrium
F⇌U
where F and U represent...
asked 1 hour ago -
Please answer what the maximum and minimum force is, and the
angle on the ion is...
asked 1 hour ago -
implement a program that reads a number of rows and a symbol.
The program will draw...
asked 1 hour ago -
Assume that when adults with smartphones are randomly selected,
45% use them in meetings or classes....
asked 1 hour ago -
Determine the number of formula units of
Na2SO4 and moles of oxygen contained in 8.11
moles...
asked 2 hours ago -
Explain in steps on the following code
What would be the output when executed
using System;...
asked 2 hours ago -
Given the information in the table, which of the following
statements is CORRECT?
Stock A
Stock...
asked 2 hours ago -
Write MARIE assembly language programs that do the following:
Write a program that inputs an integer...
asked 2 hours ago -
Explain an understanding of services and protocols.
Explain the job of DNS.
Explain the three email...
asked 2 hours ago -
(As soon as possible) Balance each of the following equations
according to the half-reaction method:
H2O2(aq)...
asked 2 hours ago -
A thin rod with a mass of 3.5kg and a length L=1.5 m is oriented
horizontally....
asked 2 hours ago