Hwk12 - Intro The worksheets that follow provide pro forma workpapers to help you solve the assigned forma homework problems They organize your solution

Hwk12 - Intro The worksheets that follow provide pro forma...

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Unformatted text preview: Intro The worksheets that follow provide pro forma workpapers to help you solve the assigned forma homework problems. They organize your solution in a manner that is consistent with the analytical methods that we discuss in class and allow you to focus on the technical issues, rather than workpaper techniques and computer skills. However, you must continuously analyze the organization of the solution and the answers However, the answers that you receive, as you work the problems. That is the only way that you will learn the skills problems. That the way that will skills and techniques that you will need for your long-term success. Click on the appropriate tab below to move to the worksheet for the homework problem that you want to work on. Once you have completed the assignment, save the file to your computer, then submit it in the manner specified in the course syllabus. NOTE: Cells with red dots in them contain notes that provide additional information about the cell contents. Double click on those cells to read the notes. Also, you need enter information only in the cells that are highlighted in bright yellow. Page 1 Problem 17-31 Part a Net short-term capital $15,000 Net long-term capital ($105,000) Excess Gain <Loss> ($90,000) Excess Loss Deductible in Current Year $0 Amount to Carryover ($90,000) Part d $15,000 ($105,000) ($90,000) $3,000 ($87,000) Check Figure Part b Net capital gains, as originally reported Amount of "deductible" carryback (if any) Net capital gain per year, after carryback Part c For Class Discussion $87,000 2009 $40,000 $0 $40,000 2010 $18,000 2011 $25,000 2012 Total $20,000 $103,000 ($18,000) ($25,000) ($20,000) ($63,000) $0 $0 $0 $40,000 Problem 17-35 If Contributed in 2013: 2013 Taxable income for determining charitable contributions deduction Charitable contributions limitation percentage Charitable contributions limitation amount Deduction of current year contributions Deduction of carryforward Charitable contributions deduction- current year Check figures (two year total contributions deduction) Carryovers to post-2014 tax periods 2014 $1,000,000 $1,200,000 10% 10% $100,000 $120,000 $100,000 $$100,000 $$120,000 $120,000 If Contributed in 2014: 2013 2014 $1,000,000 $1,200,000 10% 10% $100,000 $120,000 $$75,000 $75,000 $120,000 $$120,000 $220,000 $195,000 $55,000 $130,000 Problem 17-45 Check Figures Net income per Books Plus: Expenses deducted for book, not deductible for tax; revenues excluded from book, includable for tax Capital Loss Interest on loan to purchase tax exempt bonds Meals and Entertainment Income tax expense Subtotal for tax; revenues included in book, excludible for tax Tax-exempt interest income MACRS Depreciation Taxable Income $174,100 9,400 1,100 5,500 86,600 276,700 (4,500) (7,200) $265,000 $265,000 ...
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  • Spring '13
  • WILSON
  • Taxation in the United States

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