General Corporation has $900,000 of service revenue, a $15,000 captial loss, a $20,000 casualty loss, operating...
General Corporation has $900,000 of service revenue, a $15,000 captial loss, a $20,000 casualty loss, operating expenses of $685,000, and a charitable contribution of $25,000.
- Determine General’s separate taxable income.
- What items must be determined on a consolidated basis?
Homework Answers
A.$9,000 - $685,000 = $215,000 separate taxable income.
B. General’s capital loss, casualty loss and charitable contribution are all separately stated items; the total of each of these items must be determined on a consolidated basis.
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